Some still believe that using business technology to store, share and control documents, such as virtual data rooms, is complicated and takes a long time to adapt and make no mistakes. Of course, anything new should be learned, but using VDRs doesn’t require much technical skill to use, especially considering that providers are trying to make it as easy as possible. In this article, we’ll tell you everything you need to know about VDRs for your accounting team.
What is a virtual data room?
Virtual data rooms are versatile, flexible, and convenient tools used by firms to maintain security and protect valuable documents from data leakage. VDRs offer secure storage as well as collaboration tools that allow you to share files and important messages in a secure environment. The VDR administrator organizes the space so that it can be conveniently used by everyone, both company employees and invited users (investors, potential clients, etc.).
An administrator can create separate rooms for the legal, finance, and accounting departments of his company, and you as the employees need to know and understand the key features of VDRs to make your work and the productivity of the entire company easier and better.
Notable Features of VDRs
More often than not, virtual data rooms are used for mergers and acquisitions, due diligence, fundraisers, and startups, all of which require providing stakeholders with a lot of sensitive data about your company. But instead of searching, creating, and printing documents manually, you can automate and simplify your work with VDRs. Top Features of the accounting department space include:
- Improved document management features -the virtual data room Italia provides real-time document previews, the ability to restrict access and file interactions, and document version management
- Authentication management-based access to content provides the ability to decide who can and cannot view, copy, edit or forward documents
- Activity Streams – this allows you to be notified in real-time about different updates to the VDRs and user activity, all via email
- Audit Logs -Logs allow you to see all the users of VDRs and the time they log in and out of the space, and the actions they have performed on the files
- Comment and Q&A capabilities are collaboration features that can be used by both your employees and third parties in your company. They allow you to ask a question and get an answer instantly
VDRs offer their customers no more, no less, military or bank-grade security. This is because space providers have the goal of providing companies with security that is well above the standard level.
That’s why quality developers have the best security certificates, and they also provide transport layer security and encryption for data exchange and storage. They provide IP restrictions and require users to use complex passwords. VDR providers also protect your passwords with dual authentication.
In their normal workday, accountants use a virtual data room to transmit confidential financial or client information. These documents include payroll, taxes, profit and loss accounts, invoices, contracts and agreements, and reports.
Only instead of sharing this information through insecure and low-security sources like Google Drive or e-mail, you can now use a special licensed platform that protects against cybercriminals and viruses.