nQ Zebraworks, a company whose \u201cinvoices-to-cash\u201d solution automates the billing cycle for large and mid-sized law firms, has closed a $4.5 million funding round, bringing its total investment to $13.5 million. The investment was spearheaded by the company\u2019s lead investor Reckon Limited and supported by key shareholders and will be used to drive growth of [\u2026]<\/p>\n
nQ Zebraworks<\/a>, a company whose \u201cinvoices-to-cash\u201d solution automates the billing cycle for large and mid-sized law firms, has closed a $4.5 million funding round, bringing its total investment to $13.5 million.<\/p>\n The investment was spearheaded by the company\u2019s lead investor Reckon Limited<\/a> and supported by key shareholders and will be used to drive growth of its cloud-based platform.<\/p>\n \u201cThis additional investment in nQ Zebraworks enables us to capitalize on the market opportunities that we\u2019ve been building toward,\u201d said Bill Bice<\/a>, CEO of nQ Zebraworks. \u201cIt\u2019s an exciting time for our team as we leverage the great foundation we\u2019ve built to drive sales growth and deliver value to our clients.\u201d<\/p>\n The company\u2019s BillingQ product targets the problem of firms that rely on a mix of ad hoc applications and manual processes to deliver bills, manage A\/R follow-ups, analyze collections, and accept payments.<\/p>\n Citing a study by Citi Hildebrand, the company says that these manual and ad hoc processes last year resulted in firms seeing a 9.4% increase in accounts receivable and a 5% longer collection cycle. Many firms have sought to tackle this problem by adding billing and collections staff, driving up their overhead.<\/p>\n BillingQ is designed to \u201cturbocharge\u201d this process by automating the full billing cycle for law firms, from invoices to payments, in a cloud platform, while also integrating with firms\u2019 financial management systems. The company says that BillingQ saves firms 4\u20136 days per billing cycle while improving collected realization rates and enhancing the client experience.<\/p>\n nQ Zebraworks says its products are used by hundreds of mid-sized law firms, 40% of AmLaw 200 firms, and 12 of the 20 largest global firms.<\/p>\n