Choose a Fiscal Year End date on whichever day works best for your business, and your Reports will reflect the change accordingly.
For many business owners, having your fiscal year and calendar year line up makes it easier to track reports and file taxes. But if you’re a business owner who only operates for 4 months of the year in the summer, specializes in seasonal services, or has a tax season that starts after January 1st, it may not make sense to have your Fiscal Year End be set to December 31st.
To help your business, you can now change your Fiscal Year End date to any day that works best for you, and your Reports will reflect the change accordingly.
What Is My Fiscal Year End Date?
Your Fiscal Year End date marks the completion of a 12-month accounting period. This is set to December 31st by default in your FreshBooks account to align with the calendar year. Now, you can change it to whichever day makes sense for your business.
How Do I Change My Fiscal Year End?
Changing the date is simple:
- Log into your FreshBooks account
- Once on your Dashboard, click the gear icon in the top left corner
- Click on Company Profile
- Change your Fiscal Year End
- Click the green Save button in the top right corner
Here’s what it looks like in your account:
What Else Does Changing the Date Do?
When you change your Fiscal Year End, your Reports will update to coincide with the new date. This will save you time when you want to run a fiscal year or fiscal quarter report, to see how your business is performing.
Should I Change My Fiscal Year End Date?
There’s a bit of paperwork involved with having your Fiscal Year End recognized by the government on a day other than December 31st. The particulars change from country to country, so it’s important to look into what exactly is required for your business before making the change.
Generally speaking, businesses who change their date are part of a larger corporate group (which helps with year-end uniformity), or those who run seasonal businesses. But if you’re not 100% sure it’s right for your business, it’s a good idea to check with an accountant first.
If You Need Help, Reach Out
If you have any questions on how to change your Fiscal Year End, a team of Support Rockstars is ready to help you out. Contact them here.
about the author
Dave is a Senior Copywriter currently working for FreshBooks, serving the 10 million amazing small businesses using the platform. When he’s not writing, Dave can likely be found binging Netflix alongside his dog Indy.