When does the fiscal year begin?

Question

When does the fiscal year begin for a business? I’d like to understand how companies choose their fiscal year and how the start date affects accounting, reporting, and tax planning.

Samantha · Answer

Depends on the company or government, US federal fiscal year starts October 1st but plenty of businesses just use the calendar year. Always worth checking the specific org's policy.

Richer · Answer

The beginning of the fiscal year is determined by when the organization wishes to start it, based on their accounting requirements. The U.S. government starts its fiscal year on October 1 and ends it on September 30 of the next year.

Madeline · Answer

In India it starts on April 1 and ends March 31. Other countries differ though, like many US companies use January 1.

Answers