Financial Year

Overview

The financial year is a 12-month period for which a business prepares its accounts and financial statements, forming the basis for analysis and tax reporting.

Common Use Cases

• Preparing annual financial statements.
• Analysing financial performance.
• Producing tax reports.
• Comparing results year on year.

Examples in Small Businesses

• Choosing the financial year-end date.
• Evaluating annual performance.
• Preparing year-end reports.