This article brings together the fields of accounting and the circular economy. We examine the role of accounting in the context of territorial projects that rely on a circular business model. The first section provides a review of the literature, and a second section presents the methodology. The third section presents the three cases investigated, the fourth presents our results, and a fifth section features a discussion of our findings. We identify three possible configurations for the roles played by accounting in the projects studied, which are described and analyzed: 1/ business as usual, or almost; 2/ materializing and making visible the service provided; 3/ getting actors on board, enlisting their support, and creating a network. The central role played by financial accounting in one of the projects was cause for surprise, suggesting that the accounting profession could take on a more prominent role, including in its core business.