In Pursuit of Profit
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The Economic Census is the U.S. Government's official five-year measure of American business and the economy. It is conducted by the U.S. Census Bureau, and response is required by law. The survey will be delivered to the estimated 4 million businesses (small, medium and large) across the country. Information collected includes: company’s physical location; primary business activity; sales, receipts, or revenue; employment and payroll; and industry-specific questions.
Data has been collected every five years since 1972, for years ending in "2" and "7" as part of the economic census. The program began as a special project for minority-owned businesses in 1969 and was incorporated into the economic census in 1972 along with the Survey of Women-Owned Businesses.
Title 13, United States Code, Sections 131 and 224, require businesses and other organizations included in the survey to answer the questions, and submit a response.
Starting with the 2017 Economic Census, response will be entirely paperless.
To report online:
Title 13, United States Code, Section 9, requires the Census Bureau to keep your information CONFIDENTIAL and can use your responses only to produce statistics.
The Census Bureau is not permitted to publicly release your responses in a way that could identify your business, organization, or institution. Per the Federal Cybersecurity Enhancement Act of 2015, your data are protected from cybersecurity risks through screening of the systems that transmit your data.
The U.S. Census Bureau
The U.S. Census Bureau conducts more than 60 monthly, quarterly, annual and periodic surveys and censuses throughout the year and while some survey participation is voluntary, Federal law mandates participation in many of the business surveys.
You are encouraged to participate for the following reasons:
Not every business is selected
Some businesses may be contacted prior to receiving a letter as a few of the economic surveys conduct pre-screener operations to confirm/collect contact information or to determine eligibility.
Andrew Hait from the Economic Outreach Office answers a common question about Census Bureau business surveys in the video podcast below: "Why am I the only business receiving a Census business survey?"
Why should companies respond?
The Census Bureau collects extensive statistics every five years about businesses. The census, which the bureau says is essential to understanding the American economy, also serves as the foundation for the nation’s gross domestic product and other leading economic indicators.
To contribute to a wealth of valuable data – and sometimes surprising insights – that can help grow their business. Economic statistics from the Census Bureau are free and available online – to help guide business decisions and policy making. See the example below showing states with the most manufacturing employees in the USA:
If you received an Economic Census Survey in the mail?
> Yes, it’s legitimate.
> Yes, you have to participate. (It’s the law)
It can be difficult to operate the business, maintain security, meet the deadlines and record keeping requirements. The team at Accounting Solutions Partners wants to help and look forward to relieving some of your stress. We can take care of your accounting and bookkeeping needs, keep you up to date and help you meet your deadlines. Interested in learning more about how we can help? Contact Eric Moore here today.