What Is a Fiscal Year (FY)?

Business & Management
#1

A fiscal year is a one-year term used by businesses and governments to report financial data and plan budgets. For accounting reasons, a fiscal year is most often used to generate financial accounts. While a fiscal year might begin on January 1st and finish on December 31st, not all fiscal years are calendar years. Universities, for example, frequently start and conclude their fiscal years according to the school years.