Differentiate between invoice and bill.

Banking & FinanceManagementCompanies/Organisations

The major differences between invoice and bill are as follows −

Invoice

  • Will have detail list of purchased products, their quantity, price, taxes (if any) etc.

  • Handed over by seller to buyer at any time (before/after service or product).

  • Advanced has to be paid.

  • Records all the items placed.

  • Invoices may arrive along with the goods or after they arrive.

  • If invoice bills arrive late, it serves as a record to cross-checked the contents with the buyer.

  • Examples − amazon, bike showrooms etc.

Bill

  • Serves as request for payment.

  • Handed over directly to buyer from seller.

  • Payment is made immediately.

  • Records sold items, their price, total cost, services etc.

  • For online goods, there will be pre-defined deadline.

  • In case failure of payments, different collection companies may be appointed for collecting the due funds.

  • Examples − restaurants, cars services, credit card companies, supermarkets etc.

raja
Published on 24-Jul-2020 07:28:05
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