This week, our hosts Sid and Keith sit down with Johnny Barranco, CEO and Owner of Barranco and Associates and former CPA of the world-famous LuLu’s Corporation owned by Lucy Buffett (yes, Jimmy’s sister). This episode centers around the basics of accounting and how best to pick and work with an accountant.
Barranco is a Montgomery native and Auburn University alumnus who moved to Fairhope in 2005 and worked for a number of companies in different roles before launching Barranco and Associates in 2011. He said the biggest mistakes he sees business leaders make in dealing with accountants or accounting issues is not actually consulting their accountant enough, as many people don’t fully understand what accountants do. Your CPA is not just someone who works on your taxes – they are there to support you as a leader of your business and be on-call throughout the year for any and all accounting or financial questions or issues you might have.
Barranco tells our dynamic duo that a common big mistake he sees business owners make is intermingling personal expenses and business expenses, since when you mix the two and try to keep taxes down, it actually ends up costing more in the long run and can bring down the overall worth of your business. Instead of doing that with your business, he gives a few helpful hints on how to avoid that mingling while still not having to pay more taxes than necessary – but you have to listen to this week’s episode to find out what those hints are.
So whether you file a 1040 or a W-2, there’s value-added bonus in this week’s episode for all to enjoy – and we won’t tax you for it either.