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What are the best invoicing practices for retainer agreements?

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Retainer agreements are contracts that allow you to secure a steady income from your clients by providing ongoing services for a fixed fee. They can be beneficial for both parties, as they reduce the administrative hassle of invoicing and payment, and create a long-term relationship based on trust and value. However, to make the most of retainer agreements, you need to follow some best invoicing practices that will ensure clarity, accuracy, and professionalism. Here are some tips to help you invoice your retainer clients effectively.

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1 Define the scope and terms

The first step to invoicing your retainer clients is to clearly define the scope and terms of the agreement. This includes the services you will provide, the deliverables and deadlines, the payment schedule and method, the renewal and termination clauses, and any other relevant details. You should also specify how you will handle any extra work or changes that are outside the scope of the retainer. Having a written contract that outlines these aspects will help you avoid disputes and confusion, and make your invoicing process smoother.

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Cathy Ramos

Increasing profitability for the Skilled Trades.
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What I have found helpful is to get to know the client and what they are looking for. Some times they are unclear of what needs to be done they just know that things are not right. It's my job to understand the challenge, communicate that clearly back to the client and come up with a cost. If the client would like to move forward, I create a written agreement with an ACH attachment. Once that completed and the signed agreement/attachment is received, the work can begin. If we bump into something we had not anticipated, (depending on the depth of the finding) we either include it in the original agreement or stop and discuss options with the client. I make it a habit not to invoice after the fact.

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Hanan Hasbullah

Senior Accountant @ Coreo Real Estate | Head of Finance
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When establishing a retainer agreement in the accounting profession, clarity is key. Define the scope by outlining specific services, such as monthly financial statements or tax consultations. Establish terms like the retainer duration and renewal conditions. For example, a one-year retainer for $X per month, commencing on [start date], with renewal subject to mutual consent. This concise approach ensures transparent expectations, promoting a smooth and mutually beneficial professional engagement.

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2 Use a consistent format and style

The second step to invoicing your retainer clients is to use a consistent format and style for your invoices. This means that you should use the same template, layout, font, color, and logo for each invoice, and include the same information, such as your contact details, invoice number, date, description of services, amount due, payment terms, and thank you note. Using a consistent format and style will help you create a professional image, enhance your brand recognition, and make your invoices easy to read and track.

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3 Automate your invoicing process

The third step to invoicing your retainer clients is to automate your invoicing process as much as possible. This means that you should use a software or tool that can generate, send, and manage your invoices automatically, based on the schedule and terms of your retainer agreement. Automating your invoicing process will help you save time and money, reduce errors and delays, and improve your cash flow and record-keeping. Some examples of invoicing software or tools are FreshBooks, QuickBooks, Wave, or Zoho Invoice.

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Hanan Hasbullah

Senior Accountant @ Coreo Real Estate | Head of Finance
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Automating our invoicing process is a game-changer for efficiency. Invoicing software streamlines creation, recurring billing, and payment reminders, saving time and reducing errors. This ensures a timely and consistent workflow, allowing us to focus on strategic tasks.

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4 Communicate with your clients regularly

The fourth step to invoicing your retainer clients is to communicate with your clients regularly about the status and progress of your work. This means that you should send them updates, reports, feedback, or reminders at regular intervals, depending on the nature and duration of your retainer agreement. Communicating with your clients regularly will help you build trust and rapport, demonstrate your value and quality, and prevent any misunderstandings or disputes that could affect your invoicing and payment.

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Hanan Hasbullah

Senior Accountant @ Coreo Real Estate | Head of Finance
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Regular communication with clients is vital in the accounting profession. It builds trust and ensures alignment on financial goals. Provide updates on key milestones, financial insights, and any changes in regulations affecting their business. This proactive approach strengthens the client-accountant relationship, fostering a collaborative and informed partnership.

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5 Review and adjust your retainer agreement periodically

The fifth step to invoicing your retainer clients is to review and adjust your retainer agreement periodically, based on the feedback and results of your work. This means that you should evaluate the performance and satisfaction of both parties, and make any changes or improvements that are necessary or beneficial for the continuation of the relationship. Reviewing and adjusting your retainer agreement periodically will help you maintain a fair and flexible arrangement, meet the changing needs and expectations of your clients, and optimize your invoicing and payment.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best invoicing practices for retainer agreements?

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1 Define the scope and terms

2 Use a consistent format and style

3 Automate your invoicing process

4 Communicate with your clients regularly

5 Review and adjust your retainer agreement periodically

6 Here’s what else to consider

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