Range from target also has an impact on your accuracy.
But it doesn't effect the reloading speed (which is 5 min)
Compared to bows, the crossbows have more damage. But the reloading time is a rather awkward feature. However, you can kill your enemy in just one step with a crossbow. And you can take advantage of reloading time to kill an extremely tired enemy--the enemy will go back to sleep when not being hit.