InvoiceBerry Tips for for Freelancers & Small Businesses 11 Invoicing Terms for Your Business | Page 8

5. Fiscal Year
The fiscal year, or financial year, is determined by each
business. This may coincide with your tax or accounting year,
although it is not necessary.
Different industries generally set different fiscal year periods.
For example, if you are in a highly seasonal business, you would
set your fiscal year to coincide with your seasons.
This way the fiscal year ends after the season ends, and not in
the middle.