{"id":119694,"date":"2023-12-15t16:00:13","date_gmt":"2023-12-15t21:00:13","guid":{"rendered":"\/\/www.g005e.com\/?p=119694"},"modified":"2024-08-29t23:54:16","modified_gmt":"2024-08-30t03:54:16","slug":"why-you-need-progress-billing","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/12\/15\/why-you-need-progress-billing\/","title":{"rendered":"why you need progress billing"},"content":{"rendered":"

\"smiling<\/strong><\/p>\n

seven steps to setting it up and four benefits.<\/strong><\/p>\n

by august j. aquila<\/i>
\nprice it right: how to value accounting services<\/i><\/a><\/p>\n

there are many things that are critical for a successful client service engagement. in my mind, there are two that should be at the top of your list.<\/p>\n

more: <\/b>sixteen marketing activities to try<\/a> | make your practice better<\/a> | eleven marketing strategies for smaller firms<\/a> | five questions for developing your marketing plan<\/a> | you only have four strategies<\/a> | the damage that traditional fee methods do<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

number one is providing the client with a progress report or reports. number two is making sure that you progress bill and provide a change order if the scope of the engagement changes. doing both ensures that you will have a happy client and get paid promptly for your services.
\n
\nprogress reports are an essential tool for professional services firms, and they keep the client informed about the status of the engagement. they also serve to help you communicate with the client, especially when there are changes in the scope of the engagement. they also help clients keep track of their projects and ensure that they are on track to meet their goals.<\/p>\n

the progress report needs to be written. providing clients with verbal reports is okay, but it\u2019s very unlikely that two months or even two days after the conversation you or the client will remember everything that was said. clients often have selective retention. they hear only what they want to hear and retain only what they want to retain. a written report documents the conversation in case there is any discrepancy in the future.<\/p>\n

depending on the length and complexity of the engagement, a progress report should be given to the client at least monthly. i have seen progress reports as short as one or two pages and as long as 10 to 20 pages. it all depends on what you have to say to the client. it\u2019s your call.<\/p>\n

what\u2019s in a progress report?<\/strong><\/p>\n

progress reports should contain some basic information. most obvious is the status of the engagement. if you have developed a timeline for the project, you want to address where you are.<\/p>\n

the key points that should be in every progress report are:<\/p>\n

    \n
  1. what is the status of the project?<\/li>\n
  2. what are the issues that still need to be resolved?<\/li>\n
  3. what are the findings that were unexpected at the start of the engagement?<\/li>\n
  4. what changes to the project will have to be made?<\/li>\n
  5. what milestones have been completed?<\/li>\n
  6. what work is currently in progress?<\/li>\n
  7. will the engagement be finished on time?<\/li>\n
  8. are there anticipated changes in the cost estimate?<\/li>\n
  9. are there any new recommendations or suggestions now?<\/li>\n
  10. what has been the progress since the last progress report?<\/li>\n<\/ol>\n

    progress report benefits checklist<\/strong><\/p>\n

    here is a short checklist for you to use to compare your progress reports against:<\/p>\n

      \n
    1. improve overall business efficiency.<\/strong> progress reports help businesses identify areas where they can improve their processes and workflows. by analyzing the data in progress reports, businesses can identify bottlenecks and inefficiencies and take steps to address them.<\/li>\n
    2. identify trends and market changes.<\/strong> progress reports can help businesses stay up to date with market trends and changes. by analyzing the data in progress reports, businesses can identify emerging trends and adjust their strategies accordingly.<\/li>\n
    3. plan project marketing budgets.<\/strong> progress reports provide businesses with valuable information about how much time and resources they are spending on each project. this information can be used to better plan project budgets and allocate resources more effectively.<\/li>\n
    4. make project adjustments on the go.<\/strong> progress reports provide businesses with real-time information about how their projects are progressing. this information can be used to adjust projects as needed, ensuring that they stay on track.<\/li>\n
    5. learn from past mistakes.<\/strong> progress reports provide businesses with valuable insights into what went wrong on past projects. by analyzing this data, businesses can identify areas where they need to improve and take steps to avoid making the same mistakes in the future.<\/li>\n
    6. promote team collaboration and accountability.<\/strong> progress reports encourage team collaboration by providing everyone with a clear picture of how each project is progressing. they also promote accountability by ensuring that everyone is aware of their responsibilities and deadlines.<\/li>\n
    7. improve team transparency.<\/strong> progress reports provide everyone in the organization with a clear picture of how each project is progressing. providing them helps to promote transparency and ensures that everyone is on the same page.<\/li>\n
    8. boost productivity.<\/strong> by providing businesses with real-time information about how their projects are progressing, progress reports can help boost productivity by ensuring that everyone is working toward the same goals.<\/li>\n<\/ol>\n

      the purpose of a progress report is to ensure that your client receives no surprises. there probably isn\u2019t an engagement that you have completed that did not change in some fashion from the start to the finish.<\/p>\n

      seven steps involved in setting up a progress billing system<\/h3>\n

      here are the seven steps to follow when developing a progress billing system:<\/p>\n

        \n
      1. negotiate the initial contract.<\/strong> set up a meeting with the client to discuss and negotiate the cost of the initial contract. this represents the total billable amount for the entire project.<\/li>\n
      2. create a progress timeline.<\/strong> establish the expected progress timeline.<\/li>\n
      3. identify progress milestones.<\/strong> spot the important milestones of progress.<\/li>\n
      4. issue progress invoices.<\/strong> speak with the other party to decide how the progress billing invoices will be issued.<\/li>\n
      5. confirm ongoing completion of work.<\/strong> ensure that you are keeping track of all work completed and that it is being done on time.<\/li>\n
      6. address changes in the scope of work.<\/strong> speak with the client to decide how changes in the scope of work will be handled.<\/li>\n
      7. finalize the project.<\/strong> once all work has been completed, finalize the project.<\/li>\n<\/ol>\n

        four benefits of progress billing<\/strong><\/p>\n

        progress billing is a method that allows businesses to bill clients incrementally as work is completed. there are many benefits to using progress billing. among the benefits are the following:<\/p>\n

          \n
        1. clarified expectations: progress billing can be beneficial for both parties because it sets financial expectations about how much the client is going to pay and when they\u2019re going to make each of their payments.<\/li>\n
        2. easier calculations: progress billing is a capable system that allows the contractor to factor in project changes and other conditions that can alter the overall cost of the project.<\/li>\n
        3. reduced risk: progress billing reduces project owners\u2019 risk of shoddy work or contractors leaving projects incomplete. the contractor won\u2019t receive payment for work not done to specification.<\/li>\n
        4. no upfront payment: customers don\u2019t have to pay a significant amount up front.<\/li>\n<\/ol>\n

          one of the most significant benefits of project billing is that it gets cash in-house from the customer on a regular basis. in turn, this cash flow boost helps the project provider distribute payroll and pay other resources such as consultants over the course of the project.<\/p>\n

          start progress billing today!<\/p>\n","protected":false},"excerpt":{"rendered":"

          seven steps to setting it up and four benefits.<\/strong>
          \n\"\"<\/a>
          \nby august j. aquila<\/i>
          \n          price it right: how to value accounting services<\/i><\/a><\/p>\n","protected":false},"author":1331,"featured_media":120615,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1908,2274,3120,3002],"tags":[4278,3958,4281,4283],"class_list":["post-119694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management","category-pricing","category-pro-member-exclusive","category-special","tag-billing-rate","tag-cpa-billing-rates","tag-fee-structure","tag-pricing-rates"],"acf":[],"yoast_head":"\nwhy you need progress billing - 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