What is a NAICS code?
North American Industry Classification System Code...AKA NAICS Code
The NAICS Code a standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the US Business Economy.
You must report your NAICS code on your business tax return. Your accountant most likely does this for you.
Why it Matters to You
All the benchmarking data we pull to value your business is based off the business NAICS code.
This isn’t pertinent information for business owners to know, however it is good info to have in the back of your head when you get into a room with your Trusted Advisors so you are familiar with the industry jargon and don’t feel lost in the conversation.