Year-end close and annual accounts
The year-end close is where the financial year is finished. For a limited company that means annual accounts under the Accounting Act, the tax return with its business specification, and minutes from the board and the general meeting. For a sole proprietorship it means the business specification and the personal tax return. We do the work so you can stay on the business.
What the year-end close involves for a limited company
1) Reconciling and documenting the balance sheet accounts. 2) Accruing income and costs to the right year. 3) Depreciating fixed assets. 4) Provisions for tax, holiday pay, pension and any losses. 5) Annual accounts with a profit and loss account, balance sheet and notes. 6) The tax return with its business specification. 7) Board and general meeting minutes. 8) Filing with the Tax Administration and the Register of Company Accounts. A small company is normally not required to prepare a cash flow statement, and the duty to produce a directors' report today applies to medium-sized and large entities. An ordinary small company therefore has a profit and loss account, a balance sheet and notes – not the full set. Every board member signs the annual accounts, and the general manager too where there is one.
What it involves for a sole proprietorship
The business figures are filed as a business specification within your personal tax return – you and the business are the same taxable person. It summarises the year's result, deductions, depreciation and business income. An ordinary small sole proprietorship is normally not required to prepare and file public annual accounts. We make sure the deductions are right and the tax is no higher than it needs to be.
Timetable and deadlines
Shareholder register statement: 31 January – from June 2026 it has to be filed through an end-user system, not on Altinn.no or on paper. Tax return, for limited companies and for personally self-employed: 31 May. A one-month extension can be applied for, but the application has to be sent before the deadline. Ordinary general meeting: by 30 June. Annual accounts to the Register of Company Accounts: within one month of being adopted, and for calendar-year entities by 31 July to avoid a late filing penalty. We normally start the preparation in January and February, so missing documentation surfaces while there is still plenty of time to get it.
Price for the year-end close
The year-end close is priced separately from ongoing bookkeeping, from 5 000 NOK for a sole proprietorship and 9 000 NOK for a limited company. Those prices apply to simple businesses where the accounts are already up to date and reconciled. Stock, many assets, shareholder loans, foreign transactions, group structures or accounts that first need cleaning up can require substantially more work. We settle that before starting. We also take one-off engagements for companies that keep their own books through the year. The full price list is on Pricing.
Frequently asked questions
What is the difference between annual accounts and the year-end close?
The annual accounts are the document itself – profit and loss, balance sheet, notes. The year-end close is the whole process around it: reconciliation, provisions, tax calculation, filing. In everyday speech the two are often used interchangeably.
Do the annual accounts have to be audited?
The main rule is that limited companies are subject to audit. Smaller companies can opt out if the conditions on operating revenue, balance sheet total and full-time equivalents are met – but the opt-out has to be registered with the Register of Business Enterprises to take effect. It does not happen by itself. We assess it annually.
Can you take on a company for the year-end close only?
Yes. Many small companies keep their own books through the year and use us only for the year-end. We agree the scope and price before starting. If the accounts are not up to date, we separate the clean-up from the close itself so both are priced before work begins.
What happens if the deadline is missed?
If the annual accounts reach the Register of Company Accounts late, a late filing penalty runs and escalates with the length of the delay – not an enforcement penalty, which is the Tax Administration's instrument for missing returns. Prolonged failure can lead to compulsory dissolution, and board members can become jointly liable for an unpaid penalty.
Let us handle the year-end
Send us a short description of the company and you will get a quote for the year-end close – or for complete ongoing accounting.
Kontakt oss