When to send the bill?

Does it matter when you send your client an invoice? Of course, you should have an agreement in place before you start working, but what should it be?

A common recommendation is to bill every 2 weeks, but many bill monthly. For me, the frequent billing were adding extra overhead and the schedule was hard to keep track of so I went with monthly.

Should you bill on the last day of the week or month, or on the first? I settled on the first, so I don't have to scramble to do the accounting after a day of work.