How to Save Money on Accounting – 7 Tips

Many small and medium-sized businesses in Namsos and Overhalla spend more time and money on accounting than necessary. Some of this comes down to old habits, some to systems that are no longer suited to how the business actually operates. Below we go through seven concrete measures that can reduce your costs – without compromising on quality, internal controls or legal requirements.

A modern, cloud-based accounting system such as Tripletex saves you a lot of manual work: receipts can be photographed on your phone and uploaded automatically, bank reconciliation goes faster, and you no longer need to send files back and forth with your accountant. In addition to Tripletex, which is our primary system, we also work in Conta, PowerOffice Go, Fiken and eAccounting – so you can keep the system you already know, or let us recommend the one that best suits your industry and size.

With a fixed price, you know exactly what your accounting will cost each month, with no surprises on the invoice. For most small businesses, this is both cheaper and more predictable than paying by time spent, because the price is tailored to your transaction volume from the start. Our full package starts at NOK 2,000/month, and you can request a new review at any time if your business grows or its needs change.

The longer receipts and invoices sit unprocessed, the more time – and therefore money – goes into tidying up before the year-end accounts. Set aside 15 minutes a week to upload receipts and invoices to the system. A simple routine could be:

Manual invoicing and following up on overdue payments takes time that could be spent on your core business. Automated invoicing and payment reminders reduce both your workload and the risk of lost revenue, while also giving your customers a more predictable and professional experience.

Using a single accounting firm for everything – bookkeeping, payroll and year-end accounts – gives you economies of scale and less duplicated work than using several different providers. You avoid repeating the same information in multiple places, and your accountant gets a complete picture of your finances, which makes their advice more accurate.

Unexpected VAT settlements can create liquidity problems, especially for businesses with seasonal variations. Keeping a good overview of your ongoing accounts means you always know what needs to be paid – and when. Most businesses have six VAT periods a year; consider setting the amount aside on a separate account on an ongoing basis so the funds are ready when payment is due.

An accounting firm can give you insight into figures you might otherwise miss – for example, whether it pays to invest, hire, or change your company structure. Advice up front is often cheaper than fixing mistakes afterwards, and can in many cases save you far more than the cost of the advice itself.

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Economy Regnskap AS helps small and medium-sized businesses in Namsos and Overhalla get more out of their accounting budget. We assist with: