Small cap transportation firm gains increased confidence with shareholders and auditors.
Needham, MA – May 1, 2008 — Two Step Software, Inc., a leader in corporate governance and stock plan administration solutions, announced that Express-1, a $120 million premium transportation company, has finished its first audit using Equity Focus stock plan administration software and the results get a ‘thumbs up’ from the company executives, shareholders, and auditors.
According to Express-1 CFO and Board member Mark Patterson, with Equity Focus in place, the review of their FAS 123R calculations was cut from “a number of days” to “a couple of hours” and “the auditors loved it.” The initial review of five to ten records was both smooth and fast. In the past, their auditors had tested more records from the spreadsheets and the process had taken a long time. “The tool gave our auditors assurance,” he said.
After Express-1′s audit firm had pushed them to move from spreadsheets to a commercially available system in order to avoid many potential sources of errors and inconsistencies, Patterson set out to find a commercially available solution that would meet his requirements and satisfy his shareholders.
“Equity Focus from Two Step Software was the only product that met all my criteria,” Patterson said. It met all of the reporting requirements for FAS 123R, but also dynamically connected the related board minutes and signed stock option agreements, as well as the back up documentation for the FAS 123R assumptions and calculations. The product was reasonably priced and training and support were excellent. Patterson stated that in less than a week, Express-1 had moved all of its stock option records over to Equity Focus and was able to complete its FAS 123R calculations and reporting.
The ROI was a pretty simple calculation as Patterson put it: “Equity Focus paid for itself in audit time saved.”
“Most of our Equity Focus customers report the same experience,” said Gary D. Levine, President and CEO of Two Step Software. “As equity compensation reporting has become more complex and subject to greater scrutiny over the past few years, financial executives need a better approach than Excel spreadsheets to get the job done efficiently. We’re thrilled to have so many satisfied customers who appreciate Equity Focus for its ease-of-use since there’s no software to install.”
More details on the Express-1 case study can be found at http://www.twostep.com/express.
