Accounting Fiscal Year is an annual or twelve-month period used by a company to keep track of its financial activities. This year-long reporting period helps businesses stay organized and better plan for the future by providing them with an accurate picture of their overall financial health. It is typically different from the calendar year and usually begins on the 1st of a month, such as January or October. Generally, companies are required to file an income tax return at the end of each accounting fiscal year, so it’s important to accurately record all financial activity during this period.