Final answer:
Frankie's financial consulting business needs detailed records of billable hours, agreed rates, additional expenses, prepayments/retainers, and an understanding of the total bill including tip and tax. They should also consider their clients' budget challenges and provide financial security advising.
Step-by-step explanation:
Key Factors for Billing in Financial Consulting
- Tracking billable hours and agreed rates.To properly bill their clients, Frankie's financial consulting business would heavily rely on several pieces of information. These would include detailed records of the time spent on each client's project, the agreed-upon billing rates, and any additional expenses that may be billable under the terms of their contracts. They would also need to take into account any prepayments or retainers the client has made. Furthermore, they must be aware of the total bill including tip and tax if those are customary in their business practice. Moreover, understanding the budget challenge each client faces and offering financial security advising as part of their services can add value to their billing.
- Incorporating any additional expenses.
- Accounting for prepayments or retainers.
- Understanding total bill including fees and taxes.
- Assisting clients with their individual budget challenges.
- Orienting services towards financial security.