Accounting and Financial Software
Chief Financial Officers Rally around Equity Focus for FAS 123R Compliance: Eases Stock Option Review by Auditors
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More Than Twenty New Customers Join the Growing List of Venture-Backed and Privately-Held Companies Leveraging Two Step Software's Fully Integrated Stock Plan Administration Solution
NEEDHAM, Mass., April 10 // - Two Step Software, Inc., a leader in corporate governance and stock plan administration solutions, today announced that more than twenty new companies have chosen Equity Focus(TM) to ensure compliance with the new FAS 123R regulations. Equity Focus is designed for chief financial officers who want to reduce the risks associated with manually updating complex spreadsheets. Equity Focus is a fully integrated stock plan administration system that supports both option expensing under FAS 123R and good corporate governance records management. The new FAS 123R regulations require most non-public companies to amortize the compensation expense related to their employee stock options beginning January 1, 2006.
"In the past, FAS 123R had been a point of contention with our auditors. Now, with Equity Focus, we can run a few reports, reach agreement among the audit team, and move on," said Mark Patterson, CFO and Board Member of Express-1 Expedited Solutions, Inc. "As a result, the time spent reviewing our FAS 123R calculations went from a number of days to a couple of hours. In fact, we believe that the cost of the solution paid for itself in just the audit time we saved."
Equity Focus is gaining in popularity because it is an easy to use solution that enables chief financial officers and stock plan administrators to comply with the new stock option expensing requirements that demand more rigorous tracking and valuation systems. More specifically, it enables them to calculate FAS 123R valuations and amortization, helps them manage complex stock plans, and creates fully-diluted capitalization tables.
"While spreadsheets continue to be used by many non-public companies, auditors are becoming increasingly dissatisfied with this approach and are pushing CFOs to move to automated systems as soon as possible," said Gary D. Levine, President and Founder of Two Step Software. "Based on the complexity of FAS 123R and higher levels of scrutiny by auditors, CFOs are looking to create rock-solid audit trails so there won't be any surprises or costly mistakes that end up wasting audit time down the road."
About Equity Focus
Equity Focus is the most comprehensive and fully-integrated stock plan administration solution available. Unlike other products that only focus on stock option administration, Equity Focus tracks the related stockholder information, calculates option expensing reports, and even links the supporting corporate governance documentation. As a result, it creates a more complete audit trail that makes it easier for auditors to review. Moreover, it helps financial executives standardize best practices by keeping all of their capitalization and corporate governance records in one centralized location. Distributed as a hosted, online solution, Equity Focus enables companies to quickly and easily import their records from spreadsheets and get started in a matter of days.
About Two Step Software, Inc.
Founded in 1995, Two Step Software, Inc. develops, markets and supports Corporate Focus(TM) and Equity Focus(TM), market leading corporate governance and stock plan administration solutions used by financial executives, stock plan administrators, law firms, and corporate legal departments. Two Step Software offers the only software applications that combine stock and option tracking with corporate governance information management so that all corporate records can be found in one place. Two Step Software is located in Needham, Massachusetts. For more information, visit their web site at: www.twostep.com/ or call (800) 223-8900.
Source: Two Step Software, Inc.
Web site: www.twostep.com/
