There are some basics about business that most business owners are afraid to admit that they really don’t know or understand.
Well, here at 2BH we’re going to give you the answers to the questions you might have been too embarrassed to ask.
Here is the term for today:
July 1st marks the beginning of a new fiscal year for many companies.
Have you ever wanted to know more about what exactly a fiscal year is?
If so, then check out these facts below:
Fiscal Year Definition:
Fiscal Year (FY) is a term that is used to differentiate an organization’s budget or financial year from the calendar year. A fiscal year usually starts at the beginning of a quarter, such as April 1, July 1 or October 1. (Source: About.com)
Interesting Fiscal Year Facts
- The fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia, New Zealand and Japan).
- Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year (and, in some cases involving public universities, with the state government’s fiscal year), and because the school is normally less busy during the summer months.
- In the Northern hemisphere this is July in one year to June in the next year. In the southern hemisphere this is January to December of a single calendar year.
- Some media/communication based organizations use a broadcast calendar as the basis for their fiscal year.
Photo by photosteve101
- Business 101: What Do The Terms Firm, Corporation, And Enterprise Mean? (baybusinesshelp.com)