A Fiscal Year (FY) is a 12-month period used by businesses and governments for budgeting, financial reporting, and tax calculations. Unlike the calendar year, the fiscal year may vary across countries and organizations based on regulatory requirements and financial planning needs. Industries like manufacturing, retail, logistics, and facility management rely on fiscal year cycles for budget forecasting, payroll management, and compliance with tax laws.

For companies managing contract workers, gig employees, and blue-collar workforce, aligning payroll and expense tracking with the fiscal year ensures accurate financial reporting and statutory compliance. Businesses use HRMS platforms, payroll automation tools, and accounting software to monitor expenses, process payroll efficiently, and generate tax reports within the fiscal year framework. A well-managed fiscal year strategy improves financial stability, compliance adherence, and operational efficiency.