Choosing the Right NAICS Codes
7:39
YouTubeCredit Suite
Choosing the Right NAICS Codes
What's an NAICS Code and how do you make sure you have the right one? Let's dive into NAICS Codes and show you the formula to finding the perfect code to increase your odds at getting approved for financing! Get started at NAICS.com Check out the related blogs: NAICS Codes | Pick the Right One For Your Business https://www.creditsuite.com/blog ...
23.3K viewsJun 4, 2022
NAICS Code Explained
Do NOT pick the wrong NAICS code! This small detail is a huge source of audit risk. The government uses this code to run algorithms and compare your income and expenses against other businesses in the same industry. If you use the code for a Laundromat but you actually run a high-margin tech company, your finances won't align with the industry standard, and the disparity score will trigger an audit. I had a client who was audited solely because of this, and while she owed nothing, it still cost
Do NOT pick the wrong NAICS code! This small detail is a huge source of audit risk. The government uses this code to run algorithms and compare your income and expenses against other businesses in the same industry. If you use the code for a Laundromat but you actually run a high-margin tech company, your finances won't align with the industry standard, and the disparity score will trigger an audit. I had a client who was audited solely because of this, and while she owed nothing, it still cost
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How to Avoid High Risk NAICS Codes: The Complete List
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