A Financial Year (FY) is a 12-month accounting period used by businesses and governments for financial reporting, budgeting, and taxation. It determines when companies record revenues, expenses, and profits while ensuring compliance with tax regulations and financial audits. In industries like manufacturing, retail, logistics, and facility management, aligning business operations with the financial year helps in strategic planning, payroll management, and tax filing.

For organizations managing contract workers, gig employees, and blue-collar workforce, adhering to the financial year timeline ensures accurate payroll processing, proper taxation, and seamless financial reporting. Companies leverage HRMS platforms, payroll automation, and accounting software to track employee payments, manage statutory deductions, and generate compliance reports. A well-structured financial year framework enhances financial transparency, regulatory compliance, and business growth.