Fiscal Year Begins (FYB) is an accounting term used to define the first day of a company’s fiscal year. This date marks the beginning of the accounting period for bookkeeping, financial reporting, and budgeting purposes. The FYB is usually determined by the company’s management team and can be set to any date within the calendar year to best meet their needs. This ensures that all business cycles are captured correctly and accurately reported in the firm’s financial accounts. As the first step towards achieving financial goals, making sure this date is chosen carefully and properly tracked is imperative!