Presentation by Two Step Software advises that for lawyers and their CFO clients, better collaboration is the key.
Needham, MA – June 30, 2008 — Two Step Software, Inc., a leader in stock plan administration and corporate governance solutions and a Silver Sponsor of the International Legal Technology Association (ILTA), announced that its webinar, “Making Stock Option Reporting Easier for Lawyers and Their CFO Clients” is now available online as an on-demand recording.
The 30-minute online webinar, originally held on June 20th and sponsored by ILTA, addresses the importance of collaboration in the stock plan administration and equity compensation reporting process. It focuses on how a smooth information exchange between law firms and their clients can lead to higher productivity, insure less stressful audits, and impress clients. In explaining how to simplify the stock option reporting process, the webinar outlines four steps to better organization and features a demonstration of Two Step’s Equity Focus software.
“When it comes to stock option administration and accounting practices, the key is implementing a system of collaboration between law firms and their clients,” says Gary D. Levine, President and CEO of Two Step Software, Inc. “This is true whether a company does the work itself or relies heavily on its law firm. New stock option expensing rules for venture-backed and other non-public companies mean that legal work and financial reporting must intersect seamlessly. The ability to share information accurately and in real-time is vital to everyone involved in the process.”
During the live presentation of “Making Stock Option Reporting Easier for Lawyers and Their CFO Clients,” attendees were polled regarding stock option administration responsibility. A total of 54 percent answered that their company does all of the work in-house and uses a law firm only for advisory purposes, while 46 percent indicated that their law firm handles the stock or option administration directly.
Levine says that given the various methods for administration and reporting, not having a system of organized collaboration in place has serious disadvantages. Lack of collaboration typically requires the chief financial officer or corporate attorney to spend enormous amounts of time preparing and reconciling their books, fielding calls, researching or communicating information, and acting as a liaison between the company, the auditors, and the law firm.
“It’s now more important than ever to implement processes that produce a fully-integrated, electronic paper trail, one that lawyers, accountants, and CFOs can all use together,” Levine explains. “When there’s a lack of coordination among the parties and no automated system, audit time gets extended, law firm bills add up—and inefficient use of time reduces the bottom line.”
A recording of the “Making Stock Option Reporting Easier for Lawyers and Their CFO Clients” webinar, as well as related materials, are available at: http://www.twostep.com/collaboration.
