FYE (Fiscal Year End)

Fiscal Year End (FYE) refers to the date on which an organization’s financial year ends. Procurement processes often require organizations to track spending and other organizational activities at the end of their fiscal year. To ensure that all expenses are accounted for in a timely and accurate fashion, it is common practice to conduct a thorough audit of all purchases made at the end of the year. The FYE helps managers and finance personnel identify areas where savings can be made, identify areas of risk or overspending, and better plan budgeting decisions for the upcoming year.