WHEN ACCOUNTING FIRMS AND OTH-er professional services firms submit their monthly bills, there's often some sticker shock experienced by clients. Billable hours can add up fast, and unfortunately in some cases there is overbilling of clients either due to procedural error or malfeasance. The monetary penalties for overbilling are severe, and in some situations, including a recent fraud and overbilling case involving a Los Angeles-based investment firm, there are also criminal charges levied. What's less known, however, are the number of overbillings that occur simply because the professional services firm or agency does not follow sound billing and project management practices.
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