Cloud Accounting for SMEs in Norway

Virtually every sector of the world economy is now moving towards cloud operations. The traditional mode of operations present several problems to professionals but more so to accountants. Even though there has been an increase in cloud accounting demand in Norway, it has been pointed out in the EY-Norwegian-Cloud-Maturity-Survey-2018, that the adoption of cloud technologies across IT functions among Norwegian companies is still relatively low.

We concentrate on what are the relative benefits that Norwegian companies would achieve if they adopted cloud accounting. We rely on specific functions and examples from Xero to speak about the advantages of adopting cloud for your business.

Why the cloud?

Reduced cost of operations

Norway's corporate tax rate stands at 24% currently- with the incidence of higher taxes, you want to spend money where your operations are streamlined with the best end results. This is why we feel Norwegian businesses would benefit very much from cloud accounting softwares such as Xero.

Xero is completely cloud-based, you wouldn’t need expensive computer equipment and servers to be installed in the office. It also creates cost efficiencies in areas like hardware, software and energy.

Automatic Update of Data and Softwares

Another problem that businesses face with the use of traditional accounting software is that the software requires updtes. Xero automatically eliminates that problem for business owners. The automatic updates reduces expenses involved in manually upgrading the software.

Comparative Software

Visma is the leading cloud accounting software in Norway at the moment. Xero does not have a country version of the software available presently, but the full features global version of the software is priced at 32 Euros, (USD 40/month). It supports unlimited users for this price.

Xero currently integrates with over 600 specialist apps through it's disruptive app marketplace which allows users to pick and choose the right tool to create that all inclusive virtual finance department. Xero also has a huge global presence with over 1 million users currently, which allows Norwegian companies to easily replicate their finance function in another jurisdiction when they expand operations.

What is stopping Norwegian business from harnessing cloud technology?

We observe that one of the major reasons why SMEs are reluctant to move to the cloud is the relative difficulty of migrating from their legacy systems. Here is where we feel the reliance on established practitioners for setting up your system really plays a big role. With the right cloud migration partners, the process need not be daunting for small business owners.

At eVALUA8, we rely on tried and tested internal processes, to make sure we understand what you want to achieve from putting your numbers on the cloud. We are certified Xero Migration Specialists and Advisors and have more than 300 conversions to our credit, and more than 75% of our experience comes from working with companies that are in multiple locations.

Please feel free to write directly to us at neethustephen@evalua8.com if you'd like to chat about your cloud accounting queries.

Notes and Credits

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