The Challenge: Inefficient, time-consuming and error-prone equity management
FYidoctors is Canada's largest doctor-owned eye care provider, offering complete, customized vision solutions. This privately-owned company started in 2005 as a small group of independent optometrists dedicated to putting patients before products, and continues to attract like-minded professionals across the country.
As FYidoctors expanded its operations, the increase in the number of optometrists and investors made managing the capitalization table (cap table) more complex and time-consuming – issuing, registering, exchanging and transferring shares.
In addition, there was an issue with the manual process involved in the notification of expiring options. The platform had no communication component and the company had to use phone or email to notify participants, which was extra effort and inefficient.
When running reports, the accounting team was not always confident in the accuracy of the data because they could not access the calculation details. This also made it more difficult for their auditors to verify the information.
FYidoctors needed a solution that was less manual, could provide reliable reporting directly from the system, and give employees and investors access to their accounts. When evaluating solutions, the business had three main requirements:
- Full customer support
- Data validation and clean-up
- An automated system to eliminate the need for manual calculations
The Solution: Implement accurate equity management and reporting in one place with GEMSpm
As a client of Computershare's transfer agency services, FYidoctors was already familiar with the company. After reviewing several solutions in the market, FYidoctors chose GEMSpm due to the platform's ease of use, self-administration and efficient financial reporting.
While the software offers a simple "wizard" format that is easy for clients to set up and use, Computershare's implementation team got FYidoctors up and running quickly, ensuring a smooth onboarding process. The team also helped cleanse and verify the existing data prior to uploading it to GEMSpm.
Before implementing GEMSpm, the process of entering grant options was slow and cumbersome – the system didn't capture the share price so it had to be re-entered every time. Now the share price was saved in the system making input faster and eliminating keying errors.
FYidoctors found the GEMSpm financial reporting works well and takes much less time. The system provides an all-in-one place to capture the calculations and automate quarterly reporting. Users can drill down into the numbers to see and validate the calculations to ensure the numbers are accurate.
In terms of customer support, Computershare provides helpful and responsive service. Whenever a question arose, FYidoctors could pick up the phone, explain the situation, and the support person would fix it on the spot.
“The financial reporting is a thousand times better and the customer support is phenomenal with really quick turnaround times.”
— Taylor Ferguson, Senior Accountant
The Result: GEMSpm saved time by streamlining data entry, options expiry notifications and reporting
With the GEMSpm implementation, FYidoctors saw immediate improvements, offering a simplified way to review and monitor equity distribution and decreasing the time spent on managing stock options, all while increasing accuracy.
GEMSpm's reliable financial reporting enables FYidoctors to process all calculations in the system and run reports for the auditors, confident the information is correct, and can be done in hours instead of days. One of the more time-consuming tasks is managing stock compensation or expenses, and GEMSpm does this with the click of a button. The platform fulfills the auditors' requirements, while greatly improving the process for the auditing team.
With an automated expiry notification process, GEMSpm eliminates the pressure of having to call or email participants. Notifications are sent well in advance of the expiry dates, ensuring the company fulfills its compliance obligations. Employees also have online access to their individual accounts through the portal.
GEMSpm is a platform that will grow with the business, allowing FYidoctors to streamline processes, improve efficiencies and maintain confidence in the accuracy of their information.
To learn more about how GEMSpm can simplify your equity plans administration, financial reporting and cap table management, schedule a demo today.
