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Differentiate between invoice and bill.
The major differences between invoice and bill are as follows −
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.
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.
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