I am a sole proprietor preparing to incorporate my business and potentially expand into new service models. With relatively few transactions on a monthly basis, I have easily tracked income and expenses over the past 2 years for purposes of claiming taxes but would like to create appropriate and auditable financials.

I would like to have my tracked information converted into proper bookkeeping records and annual financial statements to utilize for incorporation and to develop a financial business plan for future endeavours.

I currently track information in Freshbooks and an excel spreadsheet. I would prefer to explore relevant online applications that are more suitable for my small business and can manage everything (including invoicing, bookkeeping, and creation of financial statements, if possible) in one place and at a reasonable monthly or annual cost.

I would also like to hear any recommendations for future tax-saving measures under the framework of an incorporated business, i.e. holding revenues vs. dividends vs. salaries, claimable expenses - what should I implement or do differently to minimize tax payments?

Deliverables expected:

• Evaluation & recommendation of online accounting applications
• Bookkeeping files created from historic records (past 2 years)
• Financial statements (past 2 years)
• Instructions for ongoing update and maintenance of bookkeeping files
• Recommendations for tax-saving measures as an incorporated business