Let your Accounting team be better with Virtual data room software

Virtual data room is a modern technological solution that helps you run and manage your business. It securely stores all important company information and simplifies many work processes, for example, the process of transaction acceptance, due diligence, project work, and much more. In this article, we will tell you exactly how data rooms can make your life and the life of your employees easier. 

What is a virtual data room?

A virtual data room, or VDR for short, is a secure online space for storing valuable company data, such as accounting records, legal documents, trade secrets, or intellectual property rights.

In addition to storage, a VDR also allows you to exchange confidential documents with a second party (partners, customers, or investors) without any risk. Data rooms greatly simplify organizational due diligence processes and reduce the need for paperwork. 

Why do people use virtual data rooms?

One of the strongest arguments for this is that virtual data room is extremely flexible in its use. Unlike the legacy versions (physical data rooms) you can access it whenever and wherever you want, as long as you have a stable Internet connection. VDRs are also much safer and more efficient when it comes to storing and sharing files within the company or across borders. 

Saving consumption of resources is another plus of such programs because with their advent entrepreneurs have no need for additional costs such as renting premises, printing, stapling, and certifying documents, employees’ salaries, and additional security measures. 

And finally, data rooms can be used in a variety of areas other than finance. Many users use it during day-to-day operations and as storage for necessary data. 

The main features of data rooms

It would seem that why to complicate your life because the necessary documents can be stored in the usual cloud storage. It wouldn’t be, it might be a great option for everyday use, but when it comes to security, cloud storage has serious problems. If you want to make sure your company doesn’t have a data breach, VDR is at your service, it provides features like:

  • Security – VDRs use the best security standards and encryption methods, also on the rights of the administrator you can fully control the activities of users in the online space, prohibit and allow the viewing of documents, etc.
  • Accessibility – Other data exchange tools require too many operations before a file can be successfully transferred, data rooms ensure instant access to the right users from any devic
  • Scalability – you have a huge space where hundreds of employees can be in the room at the same time without compromising functionality 

How do VDRs help with your work?

VDRs help you solve a number of problems for your business in different ways:

  • M&A -place the necessary documents for a transaction in a repository so that the necessary users can view them while reducing the risk of data leakage to zero
  • Accounting -Share reports and audits with your clients over a secure network
  • Fundraising -even the most sensitive data can be entrusted to VDRs so investors can easily review documents, ask questions and download their own files
  • Strategic Partnerships -Share files, make decisions, and control access to documents all without leaving the VDR and more