For my hourly and per project clients, I have the following terms set-up:

Hours are billed in 15-minute increments with a one-hour minimum required, unless otherwise specified; a 50% deposit on the signed contract agreement/quotation is required prior to commencement of work with the remainder to be paid in full prior to delivery of the completed project.

I am curious to know what type of policies you have set up for similiar clients. Also, I have noticed through some other threads that a lot of you invoice twice a month. How would you handle the invoicing if you DO require that the balance be paid in full PRIOR to delivery of a completed project? You wouldn't have "set terms" (i.e. Net 15) per se, rather invoicing as you go. I am basically looking for the most efficient way to handle my invoicing.

Thanks!

Amy B. Emerick
Access Office Services

I pretty much handle the same way you do, but to keep the cash flow going I invoice some clients at the end of the month and some mid month. I do that with retainers and project/hourly clients.

Donna

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Donna Cravotta
Virtual Management Concepts LLC
www.virtualmanagementconceptsllc.com

For regularly scheduled work like bookkeeping, I start new clients out on twice a month billing on the 1st and 15th, eventually I switch them over to once a month billing. For project clients I bill at the end of each project. I always charge a deposit for new clients.

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Rebecka Melson ~ Virtual Business Services

Dear VAs, Hi.

I'm happy reading your posts, because I'm just starting my VA service and really need terms and refenrences of experienced persons like you.

I just got inspired.

NDZULO

I don't do hourly or project work; all my clients are on retainer with payments due on the first of the month. If they exceed their retainer hours, they receive a second invoice at the end of the month for the additional time. I used to have an hourly rate, but soon learned that clients who chose that route weren't invested in the relationship and it wasn't benefiting either of us. There are many different ways to structure your billing and payment policies - just research the threads and you will find what others do and can create something that just suits you.

Warmly,

Lorri

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Lorri Morin, CPVA
www.virtualsynergy.net

Amy, if I understand correctly, you're asking about policy for jobs that require payment before final delivery. These are, indeed, different from long-term, retainer, or hourly payments. If you don't know the client, and it's your first job for them, I would definitely advise collecting balance due before final submission. You'll probably have to do this through PayPal or another website like it.

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Mary H. Ruth/Virtual Writing & Communications
http://www.writingVA.com

Hi everyone!

As I am working on my website I am also tweaking a retainer agreement that I purchased. Just to make sure that I understand, when you bill in 15 minute increments with a one hour minimum, if the task takes about one hour and fifteen minutes, are you charging the one hour and fifteen minutes only? Also, if another task takes 25 minutes to complete, are you billing them for the full hour?

For retainer agreements, is it normal to have a client sign a one year agreement, retaining a certain amount of hours per month? I was going to have my retainers set at 10 minimum, 20, 30, 40 hrs per month and charge at the beginning of the month for that month's service.

Am I on the right page?

I plan to use retainer agreements only; however, there may be times when I will accept project by project work as well.

Any and all advice will be greatly appreciated.

Sincerely,
sy(Sheila)

Thanks for all of the info. I am trying to decide on how to invoice clients as well. You all have certainly helped.

I'm trying to create a payment terms agreement...? Everyone's input is so very helpful. thank you!

Wow, really good information here. I would think that one hour and 15 minutes would be billed as that, if the billing is being done in 15 min increments.. and for 25 minutes, I would bill 30 minutes. Anyone else think this way?
Jo-Carole

Originally Posted by Jocarole

Wow, really good information here. I would think that one hour and 15 minutes would be billed as that, if the billing is being done in 15 min increments.. and for 25 minutes, I would bill 30 minutes. Anyone else think this way? Jo-Carole

I bill in 15-min increments, & round to the next 1/4 (.25) hour like you said.

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shana
www.shanafore.com

I have a question about price quotes. How do you know how much to quote for each service? I'm afraid of giving a quote that is completely off and looking unprepared. Is there a standard time that it should take that I am unaware of? I have a 48 hour turn over time set - but I'm still unsure of that price quote! Does anyone start work without the price quote? That doesn't seem right though... ????

I think I've always given a quote. It's usually always something I'm experienced in, so I can give them a low-high estimate of hours. The more information you can cull from your potential client, the better estimate you can give. If it's something that you absolutely can't give an estimate of because of variables, offer to do an hour of work and let them know at the end of that hour what you can accomplish (though this is typically something that maybe only existing clients are willing to do).

I'm working on my contract/work agreement. I plan to have a monthly retainer rate. I've seen some with a one year contract but a 30 day cancellation policy. Any other types out there?

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Prins Cowin, CPS/CAP, Virtual Business Manager
www.KingBusinessManagement.com