The reason BizBench uses at its core the North American Industry Classification System (NAICS) (pronounced “nakes”) is because it is used by businesses and governments to classify and measure economic activity in the United States, Canada, and Mexico. NAICS is the 6-digit code system that is currently the standard used by federal statistical agencies in classifying business establishments for tracking, comparison and reference.
NAICS Codes have been defined by the Governments of the United States, Mexico, and Canada as the most exact industry classification coding system and has since become the standard for financial and business comparison and evaluation. For this reason SICCODE.com – The Worldwide Business Directory provides companies the ability to register by NAICS codes and invites members to explore this vast resource, by offering the most exact, user-friendly, and comprehensive business directory in the world. (It has largely replaced the older Standard Industrial Classification (SIC) system; however, certain government departments and agencies, such as the U.S. Securities and Exchange Commission (SEC), still use the SIC codes. – SOURCE)
Because of this NAICS Codes are used for? – SOURCE
- NAICS Codes are used in auditing purposes by comparing ratios of companies in a similar industry.
Identifying government contracts by their NAICS description.
- The Department of Revenue uses the NAICS code for legislative issues.
To facilitate the collection, presentation, and analysis of data.
To promote uniformity and comparability in the presentation of statistical data collected by various agencies of the federal government, state agencies, and private organizations.
- The Department of Revenue uses the code to inform taxpayers within a certain industry of law changes that may affect them.
- To facilitate the administration of the Internal Revenue Code for the Internal Revenue Service – (IRS) business activity code
NAICS Association, LLC offers an array of highly reliable and valuable resources to assist companies in determining all things pertaining to NAICS and SIC Codes. As such they offer Free Search Engine and Drill-down tools to assist in assigning appropriate Codes to any business as well as a look-up tool which allows you to check your Dun & Bradstreet listing.
BizBench is a web based multi-purpose benchmarking financial analysis and consulting tool that instantly identifies a business strengths and weaknesses. This report also generates action steps for companies to help them improve those identified weaknesses. Financial professionals, who use BizBench, help their clients identify gaps in performance, so they can create specific strategies that will increase profitability.