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What Is Fiscal Year-End? Definition and vs. Calendar-Year End
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Vaishnavi Verma
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Blog Related Questions
What's the difference between a fiscal year and a calendar year?Simply put, a calendar year always starts on January 1st and ends on December 31st. But a fiscal year can vary. It's a 12-month period a company chooses for financial planning.
Why do companies choose different fiscal year-ends?Well, it's all about what works best for them. Take a company selling winter wear, for example. They might pick a fiscal year-end like March 31st instead of December 31st to avoid crunch times during peak sales. Remember, though, the fiscal year-end doesn't change tax deadlines for anyone.
What happens at fiscal year-end?Businesses review all financial transactions, verify data accuracy, and recalculate key financial metrics like expenditure, revenue, and investments.
How should a company choose its fiscal year-end?Companies should pick a fiscal year-end that aligns with their peak profitability period, especially for seasonal businesses. This ensures strategic financial planning and reporting.
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