The term "billing cycle" refers to a set period during which a company or individual bills and collects payment for goods or services rendered. This time frame can vary depending on the specific agreement between the provider and their customer, but is typically monthly, quarterly, or annually. During each billing cycle, an invoice is generated and sent to the account holder, detailing the charges that have accumulated since the last bill was issued. The due date for payment is also specified on the invoice, and failure to pay by this deadline may result in late fees or disconnection of service. Overall, the billing cycle serves as a means for businesses to maintain accurate records of their income and expenses while ensuring that customers are held accountable for the costs associated with the products or services they use.