Sid and Keith, our host, have a conversation today with Johnny Barranco. Johnny is CEO/Owner of Barranco and Associates. Johnny grew up in Montgomery, Alabama and went to Auburn University and earned a Bachelors Degree in Business. In 2005 Johnny and his family moved to Fairhope, Alabama. Johnny multiple companies in multiple different roles the most well known being the Lu’Lu’s Corporation. (mainly as a CPA and accounting roles). In 2011 Johnny launched Barranco and Associates.

The conversation with Johnny today revolves around the basics of accounting and working with an accountant. The biggest mistakes that Johnny see’s that business leaders make when dealing with their accountant is for one not consulting their accountant enough. What Johnny says is the reason for this lack of communication is business leaders have a lack of understanding of what an accountant is and does. The guys and Johnny discuss that a CPA is not just someone who does your taxes but is someone who is there to support you as a business leader and be there throughout the year.

The next largest mistake that Johnny points out is that especially small business owners intermingle personal and business expenses. When you try to intermingle the two trying to keep taxes down will actually cost you more overall in the long run. The overall worth of your business is brought down by intermingling personal and business because it is near impossible to know which is which. Johnny gives pointers on how to avoid this while also not paying more taxes than you need.

There are so many more valuable topics on todays episode about how to handle your businesses money. You do not want to miss out on this episode.

Johnny's Website: Barranco and Associates

Straight Talk, Big Profits: by Greg Crabtree

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