Now that I have 3 clients, I will have to start billing them (yay!!). I have a few questions.

1. For monthly retainer clients, do you ever show anything you do on the invoices or just say "Monthly Retainer" and the amount?

2. If you do show what you do, how do you show it when you bill in advance? For instance, if you are billing in advance for the month of November, do you show your time for October on that bill?

3. For project clients, I plan on billing 50% up front and 50% upon completion, would you show what was done on the 2nd invoice?

4. How exactly do you bill hourly clients? I don't know why but I can't figure this out. Do you take a deposit? Then just bill at the end of the month what was worked less the deposit?

I might have a few more questions, but that's it for now.

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Stacey B. Stahl, Owner/Virtual Assistant
CuttingEdgeVirtualAssistant.co m

You should have an agreement at what your monthly services will be for that particular price. Put those items in your statement. i.e. December - Business Services. _____ hours data entry, Circuit Route - 3 days/wk. Transcription - Up to _____ audio minutes. Total to be paid before the 1st of December $________

Additional services available at additional cost.

OK, so you don't show specifics. I understand. What about the hourly question? I don't have an hourly client yet but I'm sure it will come up.

Anyone else with a different perspective?

Thanks!

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Stacey B. Stahl, Owner/Virtual Assistant
CuttingEdgeVirtualAssistant.co m

Hi,

I am detailed with my invoices. I do this to remind my clients what services I have provided for their payment.

So, if I was in you situation, I would do something like this.

Inv. 101 October 1 , 2010

Administrative Retainer - October $100.00

----------------------------------
Inv. 102 November 1, 2010

Administrative Retainer Payment Received Oct. 5, 2010 -$100.00

October Services:
Transcriptions
Scheduling
Travel Arrangements
Client Management Services $100.00

Administrative Retainer - November $100.00
_________
Current Balance $100.00


TIP: From an accounting standpoint, the money you bill them for retainer is at the beginning of the month of project is considered unearned revenue until you provide the services, which is usually by the end of the month or project. Until then, it's a liability on your book.

Therefore, I would make a habit of providing invoices at the beginning of the next month that detail how you've earned it for the previous month. Great paper trail to refer back to in case of disputes!

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www.lloydbusinesssolutions.com
"Getting you back to what you do best"

Thanks! And yes, I know about the fact that the retainer is unearned income until after I provide the services. Never hurts to get a reminder though.

The more I think about my hourly question, the more I think I'm overthinking it. Hourly should be treated like I project, I think. Bill a deposit (estimate of half) then bill the remainder at the end of the month/project. Clear as mud, right? LOL

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Stacey B. Stahl, Owner/Virtual Assistant
CuttingEdgeVirtualAssistant.co m

Yes. I like your solution to the hourly. I definitely would do this for new clients and make it a part of their service agreement.

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www.lloydbusinesssolutions.com
"Getting you back to what you do best"

When I do hourly work and when I use to work on Retainer I use Freshbooks (that's an affiliate link) to track my time. Freshbooks is also an invoicing system.

So I use one line item on my clients invoices, but they can also log in under their own username and password to review detailed records of what was done for the hourly rate.

Freshbooks has simplified my process and makes my billing process much quicker. I know longer worry about how I'm going to provide the information to my clients and leave it in their hands if they have a desire to see a more detailed break down.

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Renee Shupe, Become a Techie Virtual Assistant
eMail Marketing & Aweber Training Starts May 15! - Save 50% using VAFAweber

I use QuickBooks and I'm going to use that for my time tracking and billing. I think I'm going to go with the one line item and, if they want more detail, I'll provide it to them.

Thanks everyone!!! This place is awesome!!!

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Stacey B. Stahl, Owner/Virtual Assistant
CuttingEdgeVirtualAssistant.co m

I agree with including what previous month's services were. In this circumstance though - they were new clients and therefore I for the first invoice would continue to suggest you basically repeat what services are outlined in agreement as part of the "retainer" -- but of course I over/under thought it because you would not be sending invoice prior to doing any services anyway - I stand "duh" -- gotta quit doing this weird hours.