Elite’s recent acquisition of Tranch highlights a critical development in the legal technology landscape: the recognition of Invoices-to-Cash as a transformative area for law firms. This strategic move by a major industry player validates our early focus on this space, which we pioneered with BillingQ.
Why Invoices-to-Cash Matters
Law firms face unique challenges in managing their billing processes, underscored by industry data:
- Collection cycles lengthened by 5.0% and 3.7% the last two years, and accounts receivable (A/R) increased by 9.4% and 10.4%, respectively.
- The vast majority of firms (76%) have added billing and collections staff over the last five years and most firms (52%) expect to need more staff moving forward.
- Overhead expenses increased by an average of 7.1% in 2023.
These industry trends are driving firms to seek automation and efficiencies beyond simply hiring additional staff. Invoices-to-Cash solutions, like our BillingQ platform, integrate with firms’ billing system to streamline these processes by automating the last mile of billing workflows, enabling:
- Faster payment cycles: Reducing the time between invoicing and cash realization by 15-25%.
- Improved collection rates: Ensuring more consistent cash flow and higher realization rates.
- Enhanced client experience: Providing modern payment options that meet client expectations for convenience and security.
A Validation of BillingQ’s Vision
At nQ Zebraworks, we’ve long understood the potential of Invoices-to-Cash to revolutionize the way law firms manage their financial operations. BillingQ was built specifically to address the inefficiencies in law firm billing workflows, offering a solution that integrates seamlessly with firms’ billing systems, including Elite.
Elite’s acquisition affirms our strategic focus. As a purpose-built solution for law firms, BillingQ remains at the forefront of this evolution, with capabilities that:
- Automate AR processes: Eliminating manual steps and reducing administrative burden.
- Offer flexibility: Supporting online payments, split payments, and surcharging compliance.
- Deliver actionable insights: Providing firms with data-driven tools to optimize collections.
Firms implementing holistic Invoices-to-Cash processes report significant returns on investment:
- Reduction in A/R turnover by 10-20 days.
- Improved collection realization rates of 1-3%.
- Monthly billing cycle savings of 4-6 days through automation.
What’s Next?
The legal industry is entering a new era of financial management, where innovation in bill delivery, collections and payments is no longer optional—it’s essential.
As a pioneer in the Invoices-to-Cash space, we welcome this validation and remain committed to driving innovation. BillingQ continues to set the standard for what law firms should expect for the last-mile Invoices-to-Cash process, empowering them with “found money” both in cost savings and time savings while delivering a better experience to their clients.
