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A consultant hourly invoice is used for formally requesting payment from clients that received professional advising regarding a specific topic. Consulting services are charged on an hourly ($/hr) basis (non-salary).
Table of Contents
- What is a Consultant?
- Calculating an Hourly Invoice
- Consulting Agreement Template
A consultant working by the hour is either an independent contractor or a business owner specializing in consulting. Those working on an hourly basis do so in the same fashion as an attorney, oftentimes requiring a deposit upfront. There is no standard hourly price that consultants charge, as pricing fluctuates depending on the type of consulting and the quality of expertise, among other factors. Charging by the hour is preferred for smaller projects that are expected to be on an ongoing basis. Larger projects that need consultation typically charge a set price for the entire project.
Consultants do not always charge the same hourly rate for every job. A savvy consultant will first try to understand the needs of a client before mentioning an hourly rate, or better yet, a price for the entire project. Consultants can make more money by charging a base price for an entire project after calculating the hours needed to complete. Clients, in most cases, do not want to be concerned about consultants exploiting or over-exaggerating their hours worked.
Use this formula to calculate a baseline hourly rate for consulting services. In this example, the consultant agrees to complete the job for $12,000 over the course of 5 weeks working 8 hours per day, which equates to $60 per hour.
[Number of weeks (5) x Number of hours per week (40) = 200 hours $12,000 / 200 hours = $60 dollars per hour]
Use the following template to engage in a consulting arrangement between a client and a consultant.