For big companies the tax return is far more than an annual formality. It is a key management tool that requires careful planning, thorough documentation and close collaboration between finance, management and any external advisors. Proper preparation reduces the risk of errors, saves time and can contribute to better tax-related decisions. In this article we will walk through how big organizations can best prepare for their tax return.
Start preparations early
One of the most common mistakes big companies make is underestimating the time required. Complex corporate structures, group contributions and international operations often mean that the tax return requires significantly more work than the annual financial statements alone.
A good approach is to start preparations at the beginning of the fiscal year. Create a clear timeline that includes:
- Reconciling the general ledger and subsidiary ledgers
- Reviewing temporary and permanent differences
- Collecting documentation from subsidiaries
- Communicating with auditors and tax advisors
By spreading the work over several months companies can avoid time pressure and improve the quality of the submission.
Ensure accurate and complete documentation
Big companies with substantial investments in fixed assets such as machinery, buildings or IT infrastructure must be able to document tax-related depreciation correctly. This includes maintaining records of acquisition dates, cost, depreciation rates and any differences between accounting and tax depreciation.
Example:
If the company has undertaken significant IT investments that are partly capitalized and partly expensed, these decisions must be well documented. Inadequate documentation may lead to questions from the Norwegian Tax Administration and in worst case, adjustments during an audit. A structured fixed asset register and clear internal guidelines are therefore crucial.
Review tax positions and assess risk
Big companies often have complex tax positions such as carry-forward losses or deferred tax. It is important to conduct a thorough review and ask questions like:
- Are prior years’ tax positions still valid?
- Are there ongoing disputes or uncertainties regarding the interpretation of tax regulations?
- Have there been changes in the business that affect tax obligations?
Example:
In the case of major reorganization or merger the right to carry forward losses may be affected. Such situations should be assessed early and documented carefully.
Use digital tools
For big companies efficient and integrated accounting systems are critical for managing the complexity of tax returns. By using Tripletex as your accounting platform the organization can consolidate accounting, documentation and reporting in a single system. This improves oversight and reduces the risk of errors.
Tripletex supports continuous reconciliation throughout the year, including automated bank reconciliations, structured fixed asset registers and clear handling of VAT and tax items. This makes it easier to identify tax discrepancies early, rather than discovering them only at the time of filing.
Example:
A big company with multiple departments can use Tripletex to ensure a uniform chart of accounts and consistent bookkeeping routines. When preparing the tax return, the accounting team can generate reports across the organization, simplifying both internal clarifications and communications with auditors.
Tripletex also integrates with payroll, project management and invoicing systems, ensuring the tax base is built on complete and up-to-date data. When the numbers have been quality-assured throughout the year, preparing the tax return becomes more efficient and less resource-intensive.
For big companies seeking greater control, traceability and efficiency Tripletex can be a good key tool in professionalizing the tax return process.
Finalize with quality control before submission
Before submitting the tax return a thorough quality control review should be conducted. This may include:
- Verifying figures against the financial statements
- Reviewing notes and attachments
- Internal approval at the appropriate level
A structured final review ensures that the tax return provides an accurate and comprehensive picture of the company’s tax position. Collaboration with auditors or tax advisors can further enhance the quality of assessments.
Preparing a tax return is more than simply completing the correct forms. For big companies it is a strategic process that requires planning, expertise and well-established routines. By starting early, ensuring proper documentation, involving the right resources and using available tools the tax return can become an efficient and value-adding part of the company’s financial management.
Contact us
Do you have any questions about your tax return or need assistance in preparing your company for an efficient and accurate submission? Our team of experienced tax advisors and accountants helps big companies with everything from documentation to optimizing the use of digital tools like Tripletex.
Contact us today for a non-binding consultation and receive tailored advice for your organization.
