Laser materials processing with ultra-short pulses allows very precise and high quality results with a minimum extent of the thermally affected zone. However, with increasing average laser power and repetition rates the so-called heat accumulation effect becomes a considerable issue. The following discussion presents a comprehensive analytical treatment of multi-pulse processing and reveals the basic mechanisms of heat accumulation and its consequence for the resulting processing quality. The theoretical findings can explain the experimental results achieved when drilling microholes in CrNi-steel and for cutting of CFRP. As a consequence of the presented considerations, an estimate for the maximum applicable average power for ultra-shorts pulsed laser materials processing for a given pulse repetition rate is derived.