Should you change your business fiscal year?

Should you change your business fiscal year to be different from the regular calendar year? For starters, the fiscal year is the financial reporting year for a business which is a 12-month time period where financial reporting is collected and submitted for taxes and to other stakeholders who may want to or need to see financial reports. Only incorporated businesses can truly change their fiscal year. Sometimes it makes sense to change the fiscal year in order to align better with your business cycle. Other times, it may not make sense. This is something to discuss with a qualified accountant. CRA fiscal year change form: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1139.html Magnaltus Instagram: https://www.instagram.com/magnaltus/ #business #businessmanagement #businessstartup