A bill is a financial document that clearly details the amount owed for goods and services, ensuring clarity in transactions and prompt payment. A key tool for effective cash flow management, bills ensure that businesses maintain accurate financial records and facilitate smooth cash flows.
Bills are typically introduced in the legislature (for example, Congress) where they undergo a process of research, discussion, and change before becoming law. This process is referred to as enactment. Depending on the country’s constitution, a bill may require the approval of a head of state (such as the monarch or president) before it becomes law. The refusal of such an approval is called a veto.
A legislative process for a bill typically begins with a motion being moved to grant leave to introduce the proposed legislation. This is then considered in the chamber under the Ten Minute Rule, where legislators are allowed 10 minutes to propose the bill before being interrupted. If a bill is passed, it will then go to the select committee or joint committee for further scrutiny and a report prepared. Once a bill has been scrutinized by committee, it will be considered again in the chamber under a ‘consideration stage’ and if passed can be authenticated by the presiding officer as an Act of Parliament.
In a civil law system, a legislative proposal is usually known as a “law project” or ‘proposition de loi’ (French) if it is sponsored by the government and a “law proposition” or ‘wetsvoorstel’ (Dutch) if it is sponsored by a private member. In some parliaments, bills are numbered as they move through the legislative process.