In the world of business transactions and financial management, it is essential to have a clear understanding of the terms "invoice" and "bill." While these terms are often used interchangeably, they do have distinct meanings and serve different purposes. In this article, we will delve into the nuances of both invoices and bills, exploring their definitions, purposes, key components, and legal implications. By the end, you will have a comprehensive understanding of the difference between an invoice and a bill.