Business Pipeline

Unlock Tax Benefits with Cost Segregation for Commercial Properties

Jacqueline Edwards — Mon, 01 Dec 2025 17:42:23 +0000

A cost segregation study is a strategic tax-saving tool that allows owners of commercial properties to accelerate depreciation deductions and reduce federal and state income taxes. Here’s a closer look at why these studies are so valuable:

1. Accelerated Depreciation = Immediate Tax Savings

Typically, commercial real estate is depreciated over 27.5 or 39 years. However, a cost segregation study identifies certain assets within the property that qualify for faster depreciation, often over 5, 7, or 15 years. Such assets include:

• Interior finishes

• Specialty plumbing or lighting

• Landscaping

• Parking lots

By reclassifying these costs, property owners can increase depreciation expenses in the early years, thereby reducing tax liability and freeing up cash sooner.

2. Improved Cash Flow

By front-loading depreciation deductions, property owners reduce their current tax burden. The cash saved can be reinvested in the business, used for improvements or acquisitions, or preserved for reserves, all of which help enhance the property’s financial performance.

3. Increased ROI

The savings achieved through accelerated depreciation can dramatically improve a property’s return on investment (ROI). This is particularly valuable for:

• New purchases

• Renovations

• Property expansions

4. Benefits for All Types of Commercial Properties

Cost segregation can benefit a wide range of property types, including:

• Office buildings

• Retail centers

• Warehouses

• Hotels

• Medical facilities

5. Bonus Depreciation Eligibility

With recent changes to tax laws, commercial property owners can leverage bonus depreciation and immediately expense a large portion of qualified assets. Conducting a cost segregation study will help identify which parts of a property qualify for this accelerated benefit. In turn, bonus depreciation can sharply decrease taxable income in the year assets are placed in service, sometimes yielding substantial, potentially six-figure tax deductions. This approach further improves cash flow and creates opportunities for reinvestment.

6. Short Payback Period

The key advantage of cost segregation is the rapid payback period. Often, the savings generated by the study offset its cost within the first year, giving property owners a swift and profitable return on investment. Increased cash flow is typically seen soon after filing amended or current-year tax returns. The resulting tax benefits can far exceed the initial cost, making cost segregation an innovative, cost-effective strategy.

7. Expertise Required

It is important to note that a proper cost segregation study requires detailed expertise in engineering, construction, and tax regulations. Working with reputable professionals such as specialized engineers or CPA firms ensures thorough, IRS-compliant results. An improperly conducted study may expose owners to penalties or liability under IRS scrutiny. Therefore, partnering with experienced experts provides access to proven methodologies, comprehensive documentation, and the full range of available tax benefits. At Business Pipeline, we work closely with these specialists to ensure our clients receive maximum value from their cost segregation studies.

Cost segregation is much more than a tax-saving measure; it is a strategic asset for driving business growth and financial flexibility. Our commitment is to automate and optimize financial management for small businesses, helping you stay aligned with best practices and achieve sustainable development. By integrating advanced strategies such as cost segregation, owners and business leaders can focus their energy on scaling their brands and seizing new opportunities. We make it a priority to understand your unique business goals, allowing us to deliver tailored support and actionable strategies that help maximize profitability and maintain your competitive edge. Complete our contact form today to start your cost segregation study and unlock your property’s full tax benefits.

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The Awards Defining My 2025: A Year of Recognition, Results, and Reinvention

Jacqueline Edwards — Mon, 14 Jul 2025 16:51:49 +0000

2025 has been a year of visibility and validation — and not just for me, but for the deeper mission behind my work. I’m Jacqueline Edwards, founder of Business Pipeline, Inc., and this year I’ve been honored with five awards that reflect my commitment to helping entrepreneurs and high earners align their money with their identity.

Each award tells part of the story. Together, they signal a movement: one where financial clarity, strategy, and mindset merge to build real, lasting wealth.

Top 100 ProAdvisor – 2025 (Insightful Accountant)
For the third consecutive year, I’ve been named a Top 100 ProAdvisor by Insightful Accountant. This honor recognizes QuickBooks experts who go beyond transactional support professionals who guide clients with strategy, accuracy, and adaptability.

Link to indepth interview →

QBO App-ologist Award – 2025 (Insightful Accountant)
Also from Insightful Accountant, this award celebrates my integration of smart platforms and AI to streamline financial workflows. Whether through ChatGPT, QuickBooks, or other tools, I design systems that elevate clarity, not complexity, for every client.
Link to announcement →

Influential Businesswoman – 2025 (Acquisition International)
This global recognition highlights female leaders who are changing the business landscape. It honors my mindset-first approach to financial advisory, which helps clients shift their internal narrative and grow with strategy and purpose.

Link to announcement →

Business Support Services Businesswoman of the Year – 2025 (IE100)
Granted by the International Elite 100, this award affirms my reputation for delivering results in bookkeeping and business strategy. It reflects both the quality and consistency of my services for a diverse client base.

See more winners →

Business Support Services Businesswoman of the Year – 2025 (NY100)
Awarded by NY100 for my impact in Yorkville–Manhattan, this one hits home. It’s a nod to my New York roots and three decades of serving professionals who want precision, not overwhelm.

See 2025 NY100 →

These awards aren’t just about achievement, they’re proof that the small business owner’s voice matters. That mindset, identity, and financial performance can finally be aligned. And that when you take ownership of your wealth story, everything changes.

If you’re ready to close the gap between where you are and where your business should be, I’d be delighted to support you.

Let’s talk.

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Large Nonprofit Downsizing Case Study

Jacqueline Edwards — Wed, 19 Mar 2025 09:31:00 +0000

The nonprofit organization under examination had established itself as a significant player in the community, with a diverse array of services and several entities under its umbrella. However, it faced substantial challenges related to financial management, primarily due to the overwhelming complexity of its banking structure. The organization operated 40 bank accounts, each tied to different divisions. This convoluted setup led to imbalances across accounts and created inefficiencies that hampered effective financial oversight.

Upon realizing the need for a more streamlined approach, the board downsized the number of accounts. Unfortunately, the organization’s existing tech stack, inadequate for comprehensive business management, made this transition particularly challenging.

Another significant barrier was the widespread unfamiliarity with QuickBooks Online among various departments. Many staff members struggled to navigate the software, highlighting an urgent need for tailored training programs designed to address each department’s distinct needs. Additionally, the board sought timely and accurate insights into the organization’s financial performance. They needed the ability to access real-time data to inform strategic decisions and foster greater accountability.

Solutions Implemented

To tackle these pressing issues, the organization implemented a comprehensive strategy to streamline its banking operations. The initial objective focused on reducing the number of bank accounts from an unwieldy 40 to a more manageable 10. In addition, the organization opted to maintain five credit cards, assigning each department head responsibility for their respective card. This restructuring aimed to simplify financial management and promote accountability and ownership among department leaders.

To facilitate employee reimbursements, the team introduced a dedicated credit card platform. This innovative solution featured credit limits and an integrated receipt capture feature, making it easier for employees to manage their expenses while ensuring proper oversight.

A critical component of the transformation involved more effectively leveraging QuickBooks Online. The finance team created a customized chart of accounts tailored to the organization’s unique needs. They also developed product service lists, classes, and tags—now called “dimensions”—to meticulously track all initiatives. Additionally, the organization transitioned subaccounts to a more capable banking provider, which offered enhanced functionalities that better supported financial management requirements.

Integrating five third-party applications into QuickBooks Online emerged as a game changer for the organization. These apps cover diverse functions, including donor management, customer relationship management (CRM), accounts payable, and accounts receivable. By offering deeper reporting capabilities, the apps gave the board of directors and department heads the critical financial insights necessary for making informed decisions.

Outcome

The results of these efforts were remarkably transformative. The organization significantly reduced the administrative burden of managing departmental funds by implementing the five third-party applications. Department heads gained the ability to take control of their budgets and forecasting processes, leading to an increased sense of empowerment and responsibility.

The reporting applications supplied real-time financial insights to the board, ensuring they possessed the data needed to guide strategic initiatives effectively. As a result of adopting the right technology stack, the organization substantially improved its financial management efficiency. This empowered the staff to become adept at cash flow management across all platforms, fostering a culture of responsibility and informed decision-making that ultimately strengthened the nonprofit’s mission and impact in the community.

Through diligent training, a commitment to streamlined processes, and effective use of technology, the organization transformed its financial management from a complex burden into a strategic asset, positioned for sustainable growth in the future.

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Check Your Personal Financial Health with these Key 5 Numbers

Jacqueline Edwards — Wed, 12 Mar 2025 17:03:16 +0000

Many people struggle to assess their financial health effectively. To gain a clearer picture, consider these five key numbers. While you may know your weight and pre-tax income, understanding your financial situation requires more than those figures.

Even if you view yourself as responsible with money, several other numbers can reveal whether you’re genuinely managing your finances, facing difficulties, or heading toward trouble. Think of these as grades on a “money report card” that help you stay on track.

Here are five vital personal numbers to understand and easy steps to calculate them:

1. Your “overhead” ratio

Your overhead ratio compares your essential expenses to your income. It shows how much of your income goes toward necessary costs. A high overhead ratio can hinder your ability to save.

To calculate your overhead ratio, add up all necessary monthly expenses, including rent, utilities, commuting costs, taxes, insurance, food, and minimum loan payments. Also include all essential obligations.

Next, could you compare this total to your monthly income? For example, if your expenses are $1,800 and your income is $2,000, you spend 90% on essentials.

Spend too much on necessary expenses. You might not be able to save the recommended percentage of your income for retirement, leaving you with little for discretionary spending and potentially leading to debt. Financial experts recommend keeping essential expenses at 50% of your income. The 50/30/20 budget method suggests using 50% for necessities, 30% for wants, and 20% for savings.

2. Your debt balance

Please take a look at the total amount you owe across all debts. In 2010, American households estimated they owed around $440 billion in credit card debt, representing only 60% of the actual figure reported by lenders. Similarly, households underestimated student loan debt.

To determine your total debt, log into your online accounts for student loans, auto loans, credit cards, and other obligations. Add up your outstanding balances and double-check your credit report for accuracy, which you can access for free at AnnualCreditReport.com.

Knowing your debt balance allows you to set realistic financial goals, such as avoiding carrying debt into retirement. A debt repayment calculator can help you explore how to pay off your debt faster.

3. Your debt-to-income ratio

Calculate your debt-to-income ratio by adding your total minimum monthly debt payments and dividing that sum by your monthly income. If your total debt payments amount to $500 and your income is $2,000, your debt-to-income ratio is 25%.

This number is crucial because a high debt-to-income ratio indicates that a significant portion of your income goes toward debt payments, leaving less available for other financial goals.

Be mindful of this ratio if you plan to apply for a mortgage. The Consumer Financial Protection Bureau suggests that your monthly debt, including mortgage payment, property taxes, and insurance, shouldn’t exceed 43% of your income. This percentage acts as a guideline for safer loans, but aiming for a lower ratio works in your favor. A debt-to-income ratio of 20% or below is considered excellent.

4. Your net worth

Your net worth reflects your wealth. Calculate it by adding the values of all your assets, such as your house, car, furniture, and jewelry, and subtracting your debts, like mortgage and student loans.

While your net worth may start as unfavorable when you’re young due to high college loans and limited assets, you should aim for growth over time. Achieving a positive net worth by retirement age is essential for financial security.

Assess your net worth relative to your age. According to Thomas J. Stanley in “The Millionaire Next Door,” multiply your age by your pre-tax annual household income (excluding inheritances) and divide by ten. This figure, minus any inherited wealth, indicates the net worth you should aim for.

5. Your credit score

Finally, keep track of your credit score. Knowing this number helps you understand your creditworthiness when applying for loans or credit. Regularly monitoring your score allows you to spot inaccuracies and improve your financial health.

By tracking these five numbers, you can gain valuable insights into your financial situation and make informed decisions to live your best life.

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Meet Jacqueline Edwards

Jacqueline Edwards — Tue, 14 Jan 2025 19:00:02 +0000

Jacqueline Edwards is a renowned business manager who is celebrated for her ability to transform business owners into millionaires by helping them understand their finances and make informed decisions. Since founding her business and financial management firm, Business Pipeline, Inc., in 1992, Jacqueline has devoted herself to nurturing small businesses. She believes that every entrepreneur can significantly enhance their profitability. With extensive experience spanning several decades, Jacqueline’s journey began in 1989 as an Assistant Buyer for Abraham & Straus (A&S), a Federated Department Store. There, she turned a $1 million buying department into a $10 million powerhouse while honing her financial management, marketing, and business development skills. Jacqueline also played a vital role in producing weekly and monthly circulars, further developing her expertise in operational efficiency.

Following her tenure at A&S, Jacqueline started working directly with designers, helping them optimize their offerings to succeed in an increasingly competitive market. Her methodologies focus on analyzing financial data to enhance systems and processes, leading to the establishment of sustainable businesses. 2000 Jacqueline broadened her horizons by investing in real estate and became a licensed real estate broker in 2006. This diversification enabled her to apply her financial strategies in new contexts, assisting others in navigating their financial landscapes toward homeownership and business offices.

Jacqueline earned her BA from LIM College in New York City, specializing in the business of fashion. Her entrance into Federated Department Stores’ executive training program marked a pivotal turning point in her career by linking her passion for fashion with her love for numbers. She has demonstrated that understanding financial metrics is essential for achieving work – life balance and financial freedom. Since 2012, Jacqueline has held her Advanced QuickBooks Online Pro Advisor certification. She utilizes her QuickBooks expertise on desktop and online platforms to enhance financial literacy and record-keeping among small businesses. Her emphasis in these areas helps business owners access capital and facilitates more precise paths for growth.

As a professional speaker and educator, Jacqueline has conducted numerous educational sessions at conferences and training events, sharing her insights with aspiring entrepreneurs and established business owners. She emphasizes that entrepreneurs who do not understand their finances often take longer to succeed and aims to change that narrative. Jacqueline’s journey has not been without challenges. After facing several business setbacks, she returned to the foundational principles she learned early in her career — the importance of understanding financials . This shift transformed her business and enabled her to recover from financial losses related to illness.

Today, as the CEO of Business Pipeline, Jacqueline is committed to helping small business owners double their profits within three years through her customized profit diagnostics and strategic insights. She invites entrepreneurs to explore ways to improve their financial performance and realize their dreams. Watch a recent podcast she did with Beyond the Numbers. For questions or consultations, contact Jacqueline Edwards to discover how to elevate your business to new heights.

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Unveiling Excellence: Business Pipeline and the Art of Modern Accounting

Jacqueline Edwards — Wed, 22 May 2024 16:39:45 +0000

We are thrilled to announce that “Unveiling Excellence: Business Pipeline and the Art of Modern Accounting” has been honored with the prestigious 2024 Top 50 Accounting Services Practice Awards. This recognition is a testament to Jacqueline Edwards at Business Pipeline, Inc.’s hard work, dedication, and innovation.

Business Pipeline Inc. has been a trailblazer in the accounting industry, redefining the standards of modern accounting practices. The founder’s commitment to excellence and forward-thinking approach have set the firm apart as a leader in the field. This award is a well-deserved acknowledgment of Jacqueline Edwards’s outstanding contributions to the accounting profession.

The Art of Modern Accounting, as epitomized by Business Pipeline firm, has not only elevated the standards of accounting services but also ignited a spark of inspiration in the industry. Jacqueline’s innovative strategies and unwavering dedication to delivering exceptional service have garnered her peers’ and clients’ respect and admiration, inspiring all.

As we bask in the glory of this remarkable achievement, we are reminded of the importance of pushing boundaries and constantly seeking new ways to enhance the accounting profession. Jacqueline Edwards has set a brilliant example for others to emulate, and we eagerly anticipate the future of ‘Unveiling Excellence: Business Pipeline and the Art of Modern Accounting.’

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The Impact of Jacqueline Edwards’ 2024 Top 100 ProAdvisor Award Win

Jacqueline Edwards — Wed, 22 May 2024 15:54:21 +0000

Jacqueline Edwards’ recent win of the Top 100 ProAdvisor Award for 2024, the second year in a row, has not just sent ripples but a wave of pride and hope through the accounting and advisory community. The impact of this achievement is not just personal but also a beacon of hope and inspiration for the industry as a whole, signaling a future of excellence and diversity.

First and foremost, Jacqueline’s win is a testament to her journey, inspiring aspiring accountants and ProAdvisors. Her dedication, expertise, and consistent excellence are not just a result of hard work and passion but also a reflection of her personal growth and learning. By sharing her story, Jacqueline motivates others to strive for excellence in their careers and instills a sense of personal connection and inspiration, uplifting the entire industry.

Her win highlights the importance of continuous learning and innovation in accounting. Her ability to stay at the forefront of industry trends and embrace new technologies sets a standard for others to follow. This emphasis on ongoing improvement fosters a culture of innovation and progress within the profession. Her win brings heightened recognition of the importance of client satisfaction and service excellence. Her ability to consistently deliver exceptional results for her clients underscores the pivotal role that ProAdvisors play in supporting businesses. This recognition reinforces the value of client-centric approaches and enhances the accounting profession’s reputation as a trusted business advisor.

Jacqueline’s win has a broader impact on the accounting industry’s perception of diversity and inclusion. As a trailblazer in her field, her success challenges traditional norms and stereotypes, promoting diversity and representation. Her achievements encourage a more inclusive and diverse accounting community, fostering an environment where individuals from all backgrounds can thrive and contribute.

Jacqueline Edwards’ Top 100 ProAdvisor Awards win goes beyond individual recognition; it catalyzes positive change within the accounting profession. Her impact on aspiring professionals, innovation, client service, and diversity exemplifies the far-reaching influence of her success. Jacqueline’s win not only celebrates her accomplishments but also elevates the entire industry, leaving a lasting impression for years to come that Woodard placed her company on the Top 50 Accounting Services Practice for 2024, too. What a stellar year for Jacqueline at Business Pipeline.

New Business Filing Requirements COMING SOON

Jacqueline Edwards — Thu, 19 Oct 2023 21:24:20 +0000

New business filing requirements are coming soon. Did you know if you own an LLC or Corp in the United States, you will be required to complete this fining next year (2024)?

Beneficial Ownership Information (BOI)
Here are the details ……

When must I report my company’s beneficial ownership information to FinCen?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, will have 30 days to file its initial beneficial ownership information report.

Where do I file?

FinCEN.gov

FinCEN will begin accepting beneficial ownership information reports on January 1, 2024. Helpful ownership information reports will not be received before then.

Do I need to file a BOI Report?
Most business entities formed by filing formation paperwork with a state agency must submit a beneficial ownership information report, as are foreign companies registered to operate in the United States. This includes both foreign and domestic:
• LLCs
• C Corporations
• S Corporations
• Professional corporations
• Limited and Limited Liability Partnerships
• Any other entity formed under the laws of a state or tribal government
• Any other entity formed outside the US that is registered to conduct business in the United States

Informal business structures that are not formed by filing with the state, such as sole proprietorships and, in most states, general partnerships, are not required to file.

What do I need to provide?
Business information:
• Legal name
• Any DBA/trade names
• Permanent address
• State or jurisdiction where you formed your business
• Unique identifying number
Beneficial owner* and company applicant information:
• Full legal name
• Permanent residential or business address. Sorry, no PO boxes are allowed
• Date of birth
• Unique identifying number from a passport or state ID

*A beneficial owner is anyone at your company who has substantial control. This included anyone with a 25% financial hold over the business.

Will there be a fee for submitting a BOI report to FinCEN?
No. There will be no fee for submitting your beneficial ownership information report to FinCEN.

What reporting companies are exempt from filing a BOI Report?
There are currently twenty-three different types of businesses that qualify for BOI exemption. These include banks, public utilities, inactive entities, tax-exempt entities, and significant operating companies. View Fin CEN.gov for a complete list.

Can I opt out of the BOI Report?
If you leave the business entirely, unfortunately, this is mandated on a federal level.

What happens if I don’t file my BOI Report?
You could be fined $500 a day (up to $10,000) and face up to two years of jail time.

Why is this being required?
It is mandated as part of the Corporate Transparency Act (CTA). BOI reporting aims to help government agencies and banking institutions fight and reduce financial claims like fraud and money laundering more effectively.

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Jacqueline Edwards Top 100 ProAdvisor Award Recipient for 2023

Jacqueline Edwards — Sun, 11 Jun 2023 22:22:04 +0000

Provide a snapshot of your business, including how long you have been in business, etc.

Jacqueline Edwards’s home base is New York City, where she has owned and operated Business Pipeline, Inc., a financial business management firm, for over three decades. She is a talented business manager and advanced certified QuickBooks proadvisor who offers bookkeeping, business consulting, marketing, and training to business owners. She’s uniquely equipped to help you manage, run, and grow your business before the accounting industry adopts the phrase business advisory. As a Business Manager, she understands the internal and external factors that affect your organization’s growth. She can provide your daily operations with support and strategy to help you identify and take advantage of opportunities that protect you from inefficiencies and risks. Jacqueline has been a trusted partner in enriching her clients’ bookkeeping and business development initiatives and promoting economic growth with effective collaboration to pursue their most important goals.

Business Pipeline has Business Managers who are exceptionally excellent at financial management, using QuickBooks Online as one of their primary tools and other proprietary software. We advise business owners and CEOs who want to grow their brands and services and utilize the latest technology to stay primed and competitive. Our talented consultants can also observe your business practices and offer strategic and measurable goals and ideas to increase profits, enhance invoicing efficiency, and build a healthier and more attractive brand.

How does the award fit into your overall business mission statement?

Our mission is to automate financial management for small businesses.

Bookkeeping is the nerve center of businesses, yet it has long been an arduous task for small businesses. We’re building books that automate financial management and help small business owners get back to doing what they love! The top 100 ProAdvisor award gives me more exposure to achieving my mission.

How will you leverage the honor in your continued success?

I want to build on this honor by continuing to learn and embrace innovation as the industry grows so I can share that knowledge and best practices with my clients and customers.

What are some of your strategies/initiatives for 2023? Business? Personal?

My strategies drill down to wellness community checks on a business and personal level. If one area goes off balance, the other will soon follow because they are intertwined. Wellness scales are essential without driving that perfection scale that is not reachable. I teach as individuals that we have different things on our scale, and where our efforts align is where our categories overlap. The overlap is essential because you know you are never alone in balancing the scale. You always have someone assisting you in that area, and depending upon how large that area is, it may be several people, but this is how we stay off the path of overworking ourselves. For example, my scale has part and full-time clients (engagement letter clients), projects (one-off customer jobs), my free time (travel, hobbies, downtime), my health (doctors), and my family (partner, children, relatives support) the professionals within these wellness communities help me to succeed without being overwhelmed in their synergistic relationships.

What are some of the biggest issues/trends impacting the accounting space today?

One of the most significant issues is that business owners believe unskilled people can do their books. They view the competency of the job as based on knowing how to use the software to process data, thinking that’s all there is to it. However, any good bookkeeper or accountant understands accounting principles, making the business less vulnerable to cash flow issues, and understanding the data needed to grow and sustain the business is equally important. Hiring a seasoned professional instead of someone who can learn the software creates a large utilization gap. Until they work with someone who has specialized in bookkeeping or accounting, they can’t see the shortcomings to the value of the business since you don’t know what you don’t know. And missing out on what you don’t understand or know stunts your growth. So, while technology trends are increasing the processing of data and simplifying A/R and A/P tasks, a skilled bookkeeper or accountant is still needed to help bring that business forward in ways someone without accounting principles cannot.

What is the biggest item on your to-do list right now?

I am recapturing my health now that I’m in the survivorship part of my breast cancer journey. Then for the business redesigning my website.

What are your expectations for 2023 and beyond?

My 2023 expectation is to maintain my current position in the marketplace and add a more significant educational platform piece to the business.

What is the best piece of advice you can offer your clients today?

I want small business owners to hire accounting professionals instead of someone smart enough to use the software to help them achieve their short—and long-term goals.

What was the best advice you ever received?

When you get a no, view it as a five-second funeral and move on. A no is never your problem. It’s how you view it.

Is there a story/anecdote you can share that sums up your work for your clients (a recent success story)?

Anyone who knows her knows she’s inspired by potential because there is no time limit or expiration date. Jacqueline believes potential can change from time to time, but as long as you always reach for it, the path where you are supposed to be will reveal itself. The potential will never bring you down the wrong path. So, Jacqueline quickly gets to the root of the core issues and helps clients achieve clarity, more excellent analysis capability, and overall business improvements to the bottom line. Her clients like that she explains complex issues in simple terms. Understanding the ins and outs of real business problems, Jacqueline implements lasting solutions, cutting through the nonsense and getting to the solution quickly and efficiently.

A great example is when I had a self-managed, absent commercial building owner with a huge tax bill with the city. They wanted to dispute the amount owned and brought me in to do so. They were on another accounting platform with incomplete data, making it difficult for the CPA to file taxes in those seven years, and I placed them on QBO to manage the $40 million asset. I did seven years of back work in a year to prove the amount the owner owed the city with supporting documentation and clean books. I collected $1.3 million in back rent that year. I identified theft over those seven years totaling $5 million, introduced them to the cloud drive file system that eliminated their paper file issue, created workflows to manage accounts receivable and payable, and proved they owed the city $4 million less than requested.

Must Have Documents to Open a Business Bank Account

Jacqueline Edwards — Wed, 22 Sep 2021 19:08:17 +0000

Here are the six must-have documents required to open a business bank account in the United States. If you are a business owner, understand there are benefits to you having a business bank account rather than using a personal bank account. While it can be tempting not to pay attention to details, a dedicated business banking account is one of the best tools to ensure that your company’s finances run smoothly. Opening a business bank account is especially true for sole proprietors too. This kind of account makes keeping track of expenses and deposits for taxes and other purposes straightforward. More extensive business formations with multiple owners or executives provide security and documentation, protecting your company from unauthorized transactions and theft.

Opening a business bank account is not as daunting and convoluted as it may seem to someone who has never done it before. But it does require special documentation that a regular account would not. Get your information and documents together before setting off for the bank, and make sure everyone involved in the process is informed and included.

To open a business bank account without any delays, here are six things you must have.

1. Your team

If you choose to open your business banking account in person, you’ll need to bring along all owners, partners, and key executives involved in making banking decisions for your business. Anyone expected to manage and control the account should be present. Opening an account online can be more convenient in some ways. Bringing your team together to meet the officials handling your banking transactions can impress everyone — including bank officials — how serious and important this is for your company’s success and financial integrity.

2. Your Taxpayer Identification numbers (TIN)

You should provide a taxpayer identification number for the business and the individuals opening the account. TIN stands for “Taxpayer Identification Number,” and EIN stands for “Employer Identification Number.” These are the same thing: a nine-digit number assigned by the IRS to identify a business entity and other types of entities. In the case of your team members (or if you are a sole proprietor), this will mean supplying their social security numbers as well. Connecting your personal information to the account increases security by providing another way for the bank to confirm that only authorized company representatives are managing your money.

3. Two forms of personal identification

A government agency must issue one piece of identification from each individual, and this most often takes the form of a driver’s license or passport. A utility bill showing your name and address, a lease or documentation of homeownership, a Social Security card, or birth certificate is usually accepted for your second form of ID.

4. Original or certified copies of your business documents

Different business formations require different kinds of documents:

Sole proprietors: If your business shares your name, you will not need additional documentation. Suppose the business name does not include your legal first and last name. In that case, you will likely need one of the following documents:

1. a fictitious name certificate or statement
2. a certificate of an assumed name
3. a business license
4. a trade name registration.

Partnerships: For a general partnership, you’ll need a certified copy of the partnership, your fictitious name certificate or statement, a certificate of an assumed name, or your business license. If you don’t have any of those items, bring a written statement signed by all partners indicating that no written partnership agreement currently exists. Bring all authorized signers with you to start the account. Bring along a certified copy of your certificate of limited partnership or limited-partnership document for a limited partnership. And for a limited liability partnership, bring one of the following: articles of organization, your limited-partnership agreement, or your company’s limited-liability-partnership election.

Limited-liability company: Bring along a certified copy of one of the following: Your articles of organization, your certificate of organization, or your certificate of formation.

Corporation: Bring a certified copy of your articles of incorporation, certificate of good standing, or certificate of formation.

5. Special forms if you’re applying online

It’s possible to apply over the phone or via the web for an online business bank account. In today’s remote-friendly and collaborative economy, this is often the preferred method. However, starting your account without being in the bank physically requires additional paperwork. You’ll need to talk with the bank to find out the best and most secure way to submit the business documents required for the type of business you’re running. In addition, you’ll need to submit additional forms, including business and individual information, authorizing the bank to check your credit, and certifying who the owners of the company are.

A business bank account protects your personal finances while also making your business transactions more straightforward to keep track of and manage. This simple step to starting and running a successful company is vital. Prepare for it by ensuring that you have everything necessary in hand before beginning the account-opening process.

6. A Dedicated Business Email Address

When you open a business bank account, it’s wise to have a dedicated email address to have all correspondence from the bank go into that one email. Many more business owners use free email accounts. However, I encourage you to invest in owning a domain name to generate a customized branded email address. Why market another company when you can show your customers you are genuinely invested in the business by having a branded email address instead of yourbusiness@gmail.com, outlook, yahoo, or iCloud. Even if you are not ready to build the website or get business cards, you made the first step to securing your business in building the brand by owning the domain name that shows the customized email address.

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