Large and small businesses benefit from implementing the accounting cycle to collect and organize financial data. Businesses without a full-time accounting department, such as mom-and-pop stores, rely on each step to maintain financial accounting methods that stick to their budget while giving them a clear picture of their financial situation. Apart from streamlining the financial accounting process, the accounting cycle also provides an efficient way to meet compliance requirements, internal analysis processes, and time management with a focus on the fiscal year.