Your Checklist for Picking the Right Cloud Storage for Small Business

Cloud storage provides small businesses with impressive data benefits, like accessibility, security, and lower storage costs.

However, finding the best cloud storage for small business can prove challenging. Browse through the following checklist of cloud features to make sure you’re working with the best secure cloud file sharing service for your business.

6-Point Checklist for Finding Cloud Storage for Small Business

1. Integration Capabilities

What types of software, services, or platforms do you currently use to run your business? Put together a list of all such systems and match them against potential cloud storage companies to help you quickly narrow down your list of options.

While many cloud companies consider themselves to be integrable, others lack the ability to play well with other services. For example, not every cloud service enables users to open Microsoft Word documents, Adobe PDF files, or marketing materials like videos, infographics, and photos, which can interrupt workflow and productivity.

You may find that working on the cloud eliminates the need for some of your current platforms, but knowing you can experience a mostly seamless transition is an important criterion to look for.

2. Security

It should go without saying that security is a crucial avenue to explore when searching for the best cloud storage for small business. Look for the following cyber-security features:

  • Role-based permissions
  • Watermarks
  • Automatic file deletion
  • Event logs
  • Two-factor authentication
  • Data encryption (for both data at rest and in transit)
  • Password enforcement options
  • Session timeouts

You should be able to quickly tell how much a cloud service values security by exploring their website and reviews. If you have any concerns about the security a vendor can provide you with, it’s probably better to move on to another potential cloud service.

3. Location of Data Centers

If you conduct international business, you’ll want to know the physical location of your potential vendor’s data centers in order to comply with data sovereignty laws and regulations.

Another reason to know the location of a cloud storage service’s data centers has more to do with back-up and disaster recovery. If by chance the data center is nearby and a local event, such as a flood or a simple power outage that affects both your location and the cloud facility, it could take longer to get back up and running.

4. Affordable Cost

Small businesses often assume they don’t have the budget for cloud storage. But because storage is sold on a modular basis, you won’t be paying the same monthly fees as an enterprise would. Instead, the best cloud storage pricing will only charge you for what you need.

But before you dive in, you should thoroughly explore the costs of cloud based storage for small business and compare the numbers to what you’re currently paying for in-house storage. First, add up your current utility, IT, and hardware costs. Then compare the number to a cloud plan fee that fits your needs while offering room to grow. For most small businesses, the answer will be clear.

5. Scalability, Availability, and Performance

The best cloud storage for small business will give you scalability, availability and performance. As your data volume grows, working with a provider that’s scalable will prevent you from having to look for a new, larger provider and having to migrate all of your data.

The availability of your provider is crucial. A system that experiences too much downtime will have a negative effect on your business. One of the most enjoyed benefits of cloud storage is that documents are always available to approved users as long as they’re on a device connected to the internet.

A cloud service with frequent downtime eats away at this benefit. Make sure your provider has an impeccable reputation for availability.

Finally, review performance speeds of your cloud candidates. Some vendors offer different levels of performance speeds at different price points. You don’t want to pay for speed you don’t need, but for most companies, speed is a major factor. If you don’t have time to wait for a slower than average cloud provider this will be an important criterion to check.

6. Features

If a potential provider has ticked all the boxes so far, now it’s time to consider the unique features they offer. Every business will require their own list of features, but you can start by looking for some of the most common, including the following.

  • Drag and drop uploading – Moving files to the cloud should only take a few seconds with this feature.
  • Full-text search – Every word of every file is indexed so you’ll never waste time searching for a document again.
  • User management – Decide which team members can access certain documents and modify as needed for both production and security.
  • Collaboration features – Assign tasks, post comments, and communicate through messaging to keep projects running as planned.
  • Customization options – Create a seamless experience for clients by customizing files with logos, colors, and white label support.

Finding the right cloud storage for YOUR small business may take some time. There are plenty of providers out there but not all of them will be a match for your unique needs. But now that you know what to look for, you’ll be able to join the cloud with more confidence once you make your decision.

To learn more about Onehub’s unique features and services, request a demo and see if it’s the best cloud service for your small business.

What Is the Best Cloud Storage? We Debunk the Myths to Find Out

With so much chatter about safe data storage, you can find yourself with a lot of questions.

Is cloud storage secure?

How much does it cost?

What is the best cloud storage provider?

We took the time to comb through the most common cloud storage myths and set the truth free about all things cloud. Take a look for yourself.

Myth #1 – Cloud Data Is Insecure

This is by far the most common myth about cloud storage. While certainly not unreasonable, this misconception stops plenty of companies from switching to the cloud.

But before writing off such innovative technology, there are a few facts to know about cloud security.

First, security is a top focus for all cloud storage providers. Security experts work around the clock to stay ahead of hacker trends and protect their servers. In a cloud storage comparison against in-house servers, security is often vastly improved with the cloud.

Servers are often more physically secure with cloud storage as well. They’re typically monitored with camera systems, kept behind physical barriers, and can only be reached by a select few.

Also, many cloud breaches aren’t breaches at all. They’re the result of poor password security. A recent report from Gartner states that customers will account for 95% of cloud security failures through 2020. While there are additional security measures you can take, like data encryption and two-factor authentication, protecting your credentials should always be at the top of your list.

Finally, it’s important to know that cloud service employees don’t have access to your data. It’s a common misconception that your data is floating freely within the cloud for its technicians and customer service representatives to browse. This simply isn’t true.

Myth #2 – Cloud Services Are Expensive

At first glance, cloud services can seem out of reach, especially for smaller businesses with nominal budgets.

But when all considerations are priced out individually, it often becomes clear that businesses can actually save money by using the best cloud storage solution for their needs. In fact, a CompTIA report found that 47% of respondents listed overall savings as the top benefit of moving their data to cloud storage.

The costs of in-house storage are often mixed in with other business costs, making it difficult to determine what’s solely related to data storage. But when you consider utility costs, IT personnel salaries, hardware, and maintenance, the idea of paying a transparent flat rate for data storage makes more sense.

Myth #3 – Cloud Technology Is a Fad

By 2020, 83% of the company workload will be on the cloud. With that high of a percentage, it seems nearly impossible that cloud storage will ever disappear. The conception of cloud services can be traced back to the 1950s, so it can be said that the cloud has some definite staying power.

The future of cloud services is bright, with the industry estimated to reach a worth of $150 billion by the end of 2020. This anticipated jump has allowed cloud storage to surpass several other industries, including education services, corporate management, and utilities.

Myth #4 – Transitioning to the Cloud Is Slow and Difficult

Business owners often worry that switching to even the best cloud storage solution will put a screeching halt to their productivity for weeks or even months on end. The truth is that getting started on the cloud takes just a few minutes. In most cases, businesses can be utilizing the cloud in their normal business protocols on the same day they sign up.

A good cloud provider will make sure that the process of switching data over is simple and stress-free. While it may take a few days to get a handle on all the features and move over every last bit of data, productivity within a team utilizing cloud storage should sharply improve with time.

Myth #5 – My Business Isn’t Ready for the Cloud

The cloud is incredibly flexible. Many cloud providers offer their technology on a modular basis, so you’ll only pay for what you need. And if you find that your cloud needs change over time, it’s simple to increase or decrease your storage space.

If you’re worried your business isn’t ready for cloud storage, think of the alternative. Having a small staff now with in-house storage might work just fine. But should your business suddenly grow, the complexity and cost of upgrading your data storage could quickly get out of control. Switching to the cloud now can save your future resources.

There are plenty of rumors swirling around about the cloud. Before you let them make the decision on cloud storage for you, take the time to do a little investigating of your own.

So, what is the best cloud storage? It’s the one that makes the most sense for your business. Whether you’re looking for the best cloud backup solution, want to utilize secure file sharing for business clients, or need a service that allows you to complete most of your business exchanges within their servers, there’s an option out there for you.

To learn more about cloud storage and what it can do for your business, reach out to Onehub for a complimentary demo.

7 Benefits of Cloud Storage and How They Can Impact Your Business Growth

Companies are turning to secure cloud storage, a method of computer data storage in which a hosting company or application provider stores digital data in off-site servers, in record numbers. Every company has their own unique reasons for making the switch, but we’re willing to bet they don’t know all the advantages of cloud storage.

We’ve put together a list of seven of these benefits to show companies, both those who use cloud storage and those who are still on the fence, that business growth is often directly related to the benefits of cloud storage.

1. Secure Backup Storage

Do you follow the 3-2-1 backup rule? This rule encourages businesses to create three copies of their data, with the first two kept on two different storage types and the third kept offsite. The idea is that even if a disaster like a fire wipes out the two onsite copies, there’s still a third copy to fall back on.

Before cloud storage, these third copies were often stored on removable hard drives and kept in garages or storage lockers. While better than not having an offsite copy at all, this was hardly a foolproof method, leaving data open to theft or damage.

With cloud storage, you can have a third copy of your data kept offsite and safe. It only takes a few clicks to drop a copy of your files into your cloud storage system and you’re good to go. No matter what happens to your computer, server, or office building, you’ll always have a safe and secure copy of your data.

2. Increased Security

Achieving secure file sharing for business is critical. Just take a look at the following statistics.

In other words, companies have files that are vulnerable. They’re being targeted. And the frequency of attacks is increasing.

But cloud data storage can get you closer to becoming immune to cyberattacks. The most secure file sharing platforms will provide additional layers of confidence. As long as you take care of your credentials, you can rest assured that only you and approved team members and clients can access stored files in the cloud.

3. Remote Work

One of the more unique benefits of cloud storage is that employees can work remotely. When all your work files are stored in the cloud, they can be accessed from anywhere that has an internet connection. This includes through a smartphone in the tropics, on an airplane in the middle of the night, and from a living room couch on a Tuesday afternoon.

Does remote work have a negative effect on productivity? A Stanford study found that telecommuters actually showed a productivity boost when compared to traditional employees within the same company. They were also less distracted and less likely to take sick time.

Allowing for remote work can increase a company’s attractiveness to new applicants, reduce turnover, and boost morale, all of which are some of the many benefits of cloud storage.

4. Increased Productivity

Cloud storage frees up tons of space in office computers, enabling them to work much faster. Even by saving a minute a day in lag time, a company with 500 employees can suddenly find themselves with an additional 2,000+ hours of work time a year by increasing computer speeds through cloud storage.

But that could be just the tip of the iceberg. A survey found that workers employed at companies with more than 10,000 employees spent an average of an astonishing 38 minutes searching for just one document, either by asking coworkers, using a company directory, or sending a companywide e-mail.

With cloud storage, a simple search can locate a document in seconds, leading to an avalanche of suddenly available free time within a company.

5. Cost Savings

The costs of managing servers in-house can quickly add up. There are three costs to consider. First, there is the direct cost of the server itself and any additional hardware. Direct costs also include electricity and heating and cooling needed to keep the equipment functioning properly. There are also indirect costs to consider like paying IT staff members and technicians. A final cost to keep in mind is lost productivity if a server goes down.

It’s difficult to say what the average cost of operating a server is, as there are several variables to consider. But when you store your data in the cloud, you’ll always have an exact number for your accounting department to log. The simplicity of paying one fee to store data is a liberating experience, especially when it’s lower than the combined costs of storing data in house.

6. Accessibility

We’ve already mentioned that data stored in the cloud can be accessed from anywhere with an internet connection. While this is great for remote workers and virtual meetings, there is another important related benefit to consider, especially if you’re still not sure if the advantages of cloud storage are enough for you to make the switch.

If your company moves or opens a secondary location, either because of growth or an attempt to seek out a better location, moving both physical and virtual data can be a time consuming and difficult endeavor.

But having data stored in the cloud means you can hire movers for the furniture, grab your favorite coffee mug, and be up and running in your new location as soon as your internet service is active.

7. Efficiency

Finally, cloud storage has a positive effect on efficiency. While we’ve already touched on this benefit, it’s important to understand this from a client’s perspective.

When you’re able to quickly access important documents, keep a client’s private data safe and secure, speed up production rates, and provide a seamless experience to your clients, you’ll see that this cloud storage benefit is probably the most important.

The benefits of cloud storage are vast. But one effect they all have in common is that they can help you grow your business. Cloud storage could be the catalyst to success your business needs. If you want to learn more about how secure cloud storage can help your business, start a free 14-day trial today at Onehub.com.

3 Ways Virtual Data Rooms Can Save Your Startup

data-rooms-support-a-startup-business

There are two types of currency: time and money. Founders gearing up for their seed round of funding generally operate in the red in both currencies. In this stage, you’re seeking out investors to support initial market research and early product development to build the foundation of your startup. Trying to strike the balance of looking professional to initial investors while keeping a bootstrap approach is similar to walking a tightrope.

With finite resources and time, you have to be strategic in your decision-making process. Whether you give up time in exchange for money or money for time, depends on which process brings you to your desired goal in the quickest and most efficient manner. Deploying technology –like virtual data rooms— saves cash and time-strapped founders in more ways than one.

Virtual Data Rooms are a collection of securely stored files, with enhanced security, controlled access, restricted sharing, and auditing capabilities. They are perfect for startups as they offer confidentiality between Workspace users, which is a critical function when seeking funding. Data rooms also offer much needed flexibility without sacrificing brand autonomy. Let’s talk about how using an online data room can give you breathing room in your budget and schedule.

One Stop Shop

Pitch decks help paint the picture of what a startup could look like and help investors understand the potential viability of your business. Of course, taking the time to send out, customize, and revise decks is not only cumbersome but a waste of resources. Virtual data rooms provide easy to use options to upload, store, tweak, and tailor your important due diligence documents like pitch decks, financials and more. With intuitive tools like drag and drop documents, company watermarks, and a plethora of customizable options, you can stylize your data room to match your brand, creating a professional look that shows investors that you take your work seriously.

Total Control

Ramping up a startup requires you to share proprietary information, and that comes with its own unique set of risks. Utilizing a virtual data room not only allows you to store your documents in one place, but you can also control who sees what, what type of permissions and access they have to certain files, all under a veil of anonymity. Viewers have the ability to access the same information, but they can’t see who the other viewers are or what type of access they have. Investors can view specific information and you don’t have to worry about the documents getting into the wrong hands. Even better, this option eliminates the dreaded ‘copy and paste,’ helping to avoid sending pitches with the incorrect investor information. Nothing says ‘dead on the water’ like sending an email to Investor A with Investor B’s name on it.

Cost Effective

Perhaps the best case for leveraging a virtual data room is the cost factor. As an early stage startup, raising seed funding is all about managing costs while infusing cash flow into your up and coming startup. Being diligent with those initial investments is tantamount to the success of your company. Virtual data rooms are ideal in that the cost is relatively low, yet the payoff is high as you have a designated space to store and share vital business assets. Of course, when comparing virtual data room pricing, make sure that the provider you choose is money well spent. Before committing to a virtual data room provider, test for quality, ease of use, and customer support. While you may save money on a cheaper solution, if these factors are a hit and miss, you waste time trying to navigate the product. After all, you’re only as good as the tools you use.

Bottom line

While becoming a successful startup requires you to hustle from sunup to sundown, how you handle your time and spending is key. Levering technology like virtual data rooms frees up time that you could be perfecting your pitch, taking meetings with new investors, and championing the work of your team. Startups win when they make decisions with their time and finances in mind.

Onehub offers a robust, secure virtual data room solution for any startup or other business looking to share sensitive files. Our straightforward pricing and easy to use interface makes us a leader in the virtual data room space. Try Onehub free today to see firsthand how our virtual data rooms can help your business securely share files more effectively.

Client Portal Software Can Boost Brands and Revenue

Branding doesn’t always come easy. For some business owners, it’s a matter of not knowing where to start. For others, it’s a budget issue. But there is a way around both hurdles.

If you’re a small business owner who is ready to make branding a priority, learning more about client portal software is a great place to start. Here’s what you need to know.

What’s in a Brand?

A company’s brand has multiple layers. It starts with visual cues, such as a logo and custom colors. Diving deeper into a brand uncovers its personality, unique attributes, and how it leaves consumers feeling about their interactions with it.

Online reviews, influencers, and word of mouth via social media have made it more difficult for companies to control the development of their brands. This often leaves businesses without a large marketing team unsure of the best branding path to take.

Does Every Business Need a Brand?

Uncertainty leads to some business owners putting their undeveloped brands on the company back burner. But by not working on their brand, these companies are missing out on some amazing benefits.

Branding:

  • Builds trust
  • Generates new leads
  • Creates value
  • Boosts reviews and referrals

Branding also helps customers develop loyalty. An impressive 77% of consumers say they’ve remained with a brand for more than a decade. Put simply, branding can boost your bottom line by securing long-term customers or clients.

Client Portal Software and Branding

Even if you understand the importance of branding, knowing where to start can be a different issue. Client portal software is a potential branding solution to consider.

Client portals are a cloud-based method of interacting with clients. Think of them as virtual lockers. You can safely store proposals, contracts, documents with project details, and invoices in a virtual space that only you and its assigned client have access to.

You can also communicate through portals and track a project’s progress. Client portals eliminate frustrating searches for documents, provide a professional virtual setting, and cater to a client’s security concerns.

They’re ideal for businesses who need to simultaneously maintain multiple projects with multiple clients while providing a personalized experience. Client portals for accountants provide a single place to communicate and share files with customers that are linked to from the accountant’s main website making it easy to find and access. This is also true for lawyers, marketing agencies, health providers, and architects, among others.

Client portals can naturally help a company develop their brand through consistency, a critical element of branding. According to a Lucidpress and Demand Metric survey, a consistent brand presentation can increase revenue by up to 23%. Portals can also boost your bottom line by eliminating busy work and allowing you to take on more clients.

If you’re considering client portal software, look for the following features that can assist with branding.

  • Customization – A client portal that allows you to upload your company logo and add custom colors will create a visual brand that clients will recognize with consistent exposure. Make sure your portal carries this customization through to sign in pages and emails. You should also be able to add white label support so that your clients enjoy a seamless experience.
  • Security – Your client portal should guarantee strong security measures for both your business and clients, including document watermarks, automatic file deletion, and workspace agreements.
  • Ease of use – Your ideal client portal should include an embedded sign-in form feature. This will allow you to place a sign-in box directly on your website. This way, clients won’t have to search for a link or remember a different website address. You’ll also want to look for a portal that provides clients with an inviting and simple to use dashboard for navigation.

Building a brand is important to all business sizes and industries, and finding the right tools is the first step of the process. Onehub is a great example of client portal software that offers branding features. If you want to learn more about how client portals can help you build your brand, start a free 14-day trial today at Onehub.com.

What Information is Best for Virtual Data Rooms?

virtual-data-room

If your firm is focused on managing mergers, leading contract negotiations, or facilitating a bidding process, many data management tools associated with these processes are outdated, hard to use, and expensive to implement.

Thankfully, virtual data rooms (or VDRs) provide a modern, easy-to-use solution. Virtual data rooms grant access for authorized users from all parties to secure documents that can be viewed, printed and downloaded depending on the permissions assigned by the data room Administrator. VDRs are cost-effective, efficient, secure and scalable, making them an ideal way to securely store and share your companies most confidential data.

However, this leads to an important question – what information should be stored within a VDR?  Let’s cover the most common virtual data rooms scenarios and the types of documents that are associated with them.

Which Documents Are Typically Stored in Virtual Data Rooms?

A cloud-based data room allows you to quickly and securely collaborate on sensitive information critical to your business.

Whether you’re lawyers reviewing M&A documents, employees managing corporate regulatory risk, or commercial real estate firms finalizing deals, these data rooms are used in many scenarios and are a great option for storing, managing, and securely sharing files in the cloud.  

So, what document types are best suited to be kept in a virtual data room?

1. Primary Business Information

One of the most common uses of virtual data rooms is the storage of basic, yet highly-essential, documents associated with a company’s corporate status. Documents within this context include:

  • Certificates of Incorporation and related amendments.
  • A list of corporate subsidiaries and associated ownership percentages.
  • Business licenses and permits.
  • List of current corporate officers and directors.
  • Shareholder meeting minutes, consents and other associated documents.

2. Capital Raising and Securities Offerings

Virtual data rooms offer an ideal solution for businesses that raise capital. Fundraisers require secure online spaces where financial information needs to be stored and shared  with numerous individuals from a variety of companies and venture capital firms. Files that are frequently stored in a VDR include:

  • In-depth shareholder lists, which tend to include vital information like the name of individual investors and the number of shares issued to them.
  • Stock purchase agreements and other documents mandated by organizations like the Security and Exchange Commission (SEC).
  • Stockholder agreements, stock option agreements stock certificates, and further documents of similar importance.
  • Organization documents, which can include reincorporation documents and disclosures of previous business dealings.

3. Financial and Tax Information

Whether you are a  small or medium-sized business or a  large corporation, a virtual data room can prove invaluable when it comes to the secure storage of financial or tax-related documents. Documents in this context can include:

  • Historical and forecasted financial statements.
  • Federal, state and foreign tax return documents.
  • Analysis of cash flow and working capital.
  • Information associated with banking and investment accounts.

4. Intellectual Property Information

Invest in a VDR solution to protect your firm’s intellectual property. Common documents of intellectual property (or, IP docs) stored within virtual data rooms include:  

  • Summaries of patents and outstanding patent applications.
  • Contractual obligations which include the licensing of proprietary information to third parties.
  • Employee and contractor non-disclosure agreements.
  • Communications against organization believed to have infringed on an organization’s intellectual property.

5. Legal Information

Below are a few situations where a virtual data room can help manage legal documents:  

  • Being issued a subpoena for additional documents and the other party needs it immediately.  
  • A claimant needs to upload data but wants it only to be visible to themselves and the lawyer.  
  • Court filings have been made and various parties need immediate viewing access.

6. Bid Collecting

Virtual data rooms are great for deals and projects that require extra layers of privacy. You can use a virtual data room to collect multiple bids on a project without those bidders knowing about each other. This, in turn, let’s you share the same information at one time while still getting multiple bids.

Conclusion

Virtual data rooms are used in a variety of contexts. From satisfying the needs of enterprises to providing law firms and startups with a secure way to collaborate on critical documents, data rooms serve as a dynamic tool for the ever-changing business environment.

Virtual data rooms are a great way for any company in need of storing documents or other data in a manner that allows for a confidential and timely transfer of information between two or more collaborating parties.

If your organization is actively seeking cloud storage solutions that can help to streamline critical document sharing while upholding the highest level of security, then your team will benefit from a VDR.

Onehub offers secure document sharing that’s straightforward to use and affordable. Contact us today to learn more about our VDR solution for your business.

How to Use Virtual Data Rooms for M&A Due Diligence

virtual data rooms for m&a due diligence

Over the past decade, the widespread adoption of technology like the virtual data room has resulted in a fundamental shift in how numerous legal functions are carried out. This shift has affected legal practices everywhere. 

No one area of the legal industry has benefited from this shift towards legal technology more than the field of mergers and acquisitions, or M&A. The field of M&A is truly unique within the legal sector, both in terms of its critical importance and complexity within the context of modern business practices.  

The world of M&A is dependent on due diligence, which requires a set of steps to be taken by organizations to ensure that every legal and business-related requirement is met for a transaction. Due diligence is a straightforward procedure that acts as an investigation of a potential agreement or contract that confirms all facts, in addition to the evaluation of the firm’s commercial potential. It is expected to be taken by all parties before entering into a contract to establish a baseline understanding of the situation. However, M&A professionals are often plagued by the fact that the sheer number of files, data, and documentation required to carry out these tasks can overwhelm even the sharpest of analysts. 

As such, M&A has dramatically benefited from the widespread adoption of solutions such as virtual data rooms. These tools, which are also commonly referred to as VDRs or Deal Rooms, allow for the creation of an online repository for the storage, distribution, and protection of case critical documents. Within the scope of mergers and acquisitions, virtual data rooms provide many benefits to attorneys carrying out due diligence proceedings during a transaction. This is an innovative advancement as it allows lawyers to safely and securely share critical information confidentially.  

Bring Your Firm’s M&A Processes into the Digital Era

Virtual data rooms offer firms and corporations participating in mergers and acquisitions a unique set of benefits and strategic upside. VDR solutions give participants the opportunity to execute their deals entirely online, regardless of complexity or outstanding legal status. 

As practicing M&A attorneys know, numerous highly-confidential documents are exchanged in a short amount of time during due diligence. The nature of M&A requires that any digital solution adopted can deliver a user-friendly experience while simultaneously ensuring the highest levels of protection for critical assets, including intellectual property, performance metrics, and trade secrets. Thankfully, modern virtual data room solutions can excel at walking this fine line, providing key stakeholders with the ability to share and collaborate on extremely sensitive documents while ensuring the best security possible. 

Because virtual data rooms are anonymous, confidentiality can be maintained for all parties involved, ensuring that each respective team can focus on the task at hand instead of harboring stress surrounding the safety and security of the documents being utilized. 

Notable Benefits of Virtual Data Rooms

To provide a better understanding of the advantages that virtual data rooms can offer, let’s highlight a few different ways that this cutting-edge solution can help further the goals of your company. These benefits include, but are not limited to, the following:  

Lower travel demands

Instead of having to be physically present to receive, sign, or exchange highly confidential documents, virtual data room solutions allow participants to transfer their files through a secure, seamless connection. Travel less. Get more done.   

Higher levels of security

While this benefit may sound counterintuitive at first glance, virtual data rooms tend to be far more secure than their physical counterparts. This is because all required documents and information can be exchanged via a highly encrypted and controlled digital solution, which is only accessible with user permissions granted. In this case, digitizing your organization’s M&A proceedings can help to eliminate security threats posed by physical access control issues. Get higher levels of security when compared to traditional data room solutions.  

Important files stay in place

Virtual data rooms allow your firm to eliminate the possibility of important files being accidentally taken at the end of a large meeting. Best of all, VDRs let administrators control who has access to which documents, safeguard against copy-and-paste attacks within a document and prevent all users from printing documents if deemed appropriate. VDRs also give administrators control who has access to which documents, with multiple people able to collaborate without becoming aware of each other. This guarantees anonymity for all involved. 

Conclusion

These are just a few of the many benefits associated with the adoption of a virtual data room solution for the due diligence processes of any merger or acquisition. Overall, virtual data rooms allow for any organization, regardless of size or previous technical expertise, to adopt one of the most advanced legal and cloud-based software solutions available throughout today’s corporation-minded marketplace. 

At Onehub, we understand the importance of securely sharing due diligence documentation for any M&A or investment deal. Our virtual data room solution includes all the essential features you need to get those deals done faster. Contact us at help@onehub.com to learn more about setting up your own virtual data room today.

Guide: Secure File Sharing for Accountants

accountant-secure-file-sharing

If you’re an accountant or work for an accounting firm, your main job is to help clients get their finances straight, right? You deal with extremely important and confidential statements, tax records and personal information on a daily basis. 

Secure file sharing for accountants not only provides security and protection of these crucial documents, it also helps you maintain accountability, gives you precise permission control on certain files and makes working with and sharing files exponentially easier.  

Why Secure File Sharing Is a Must  

Secure file sharing is your gateway to effective accounting, not to mention, if you don’t practice it, you could risk losing business. Your clients want an easy way to send you tax forms or financial records. Not only can secure file sharing facilitate this instantly, it ensures that their files are safe. 

Without a secure file sharing platform, clients may end up sending confidential documents over email or a public network which puts their information at a greater risk of getting placed in the wrong hands. It’s an accountant’s responsibility to practice and promote secure file sharing to protect client privacy.  

What Secure File Sharing for Accountants Should Include  

There are many levels of secure file sharing for accountants and different options you can utilize in order to run a business more effectively. At the very least, your secure file sharing service should provide:  

  • Secure cloud storageSeems like a no brainer, but make sure you have enough space within your cloud storage and that the space you have can only be accessed by you, your team and the client.  
  • Ease of use. Make sure your secure file sharing service has a user-friendly interface, aka – it must be easy to navigate to the average user (in this case, your client). When your client can drag and drop the right files into a platform instantly and easily, it makes their experience working with you that much better. Plus, it makes your job collecting or gathering their financials more streamlined and efficient.  
  • Accountability. Your secure file sharing service should hold you and its users accountable (excuse the pun). At Onehub we have advanced activity tracking that tracks every event that happens in your Workspace, including individual file sharing.  
  • Precise permission control. This means you have the ability to grant precise permissions and access to certain documents to the right people. Granular permission control adds an additional level of security to the protected documents being shared.  
  • Straightforward pricing. You’re in the business of balancing the books and making sure the price is right. The last thing you need to add to your workload is dealing with vague pricing on secure file sharing services for accountants. Look to a provider that’s upfront about how much a service cost and make sure there aren’t any hidden fees for adding additional storage and other features.   

Best Practices: Secure File Sharing for Accountants  

Understanding what secure file sharing is, is one thing, but properly executing the practice so that it reaches its full potential is another. If you are an accountant using a secure file sharing tool or service, take the following steps to ensure maximum security.   

  1. Give the Right Permission to the Right Parties: Whenever you upload various folders, NDAs and documents to a secure file sharing data room or in a cloud storage space, be cognizant of who you give permission to access the files. Onehub’s services let you place granular permissions on the documents that are being shared. Additionally, you gain more control when sharing. For example, instead of sharing an entire folder, you can choose to share just a single file. You can also give precise permission to who can download or print a file.  
  2. Monitor ActivityTo practice extra secure file sharing for accountants, opt for a virtual data room service. Oneub helps you stay on top of your job giving you the ability to continually monitor activity happening within the file sharing platform. You’ll be able to see when someone has opened a file or created another version for you to review. This paves the way to a smoother workflow that moves along a process or a job in the right direction.  
  3. Centralize Your Communication: Onehub’s secure file sharing service offers a messaging function and message board feature—use it to your advantage. You can communicate with both clients and colleagues to ensure everyone is on the right page and working towards the same goals.  
  4. Create NDAs and Watermark Documents: One advantage of using Onehub’s virtual data room service is gaining the ability to create or upload NDAs right within the portal. This allows you to conveniently share confidential contracts securely. To add, you can place a watermark on a file that has been shared. Adding a watermark that states a person’s email or IP address lets you easily and quickly identify whose documents you’re reviewing. 
  5. Create a Client PortalBeing able to store common documents such as contracts and guidelines in one place can streamline business operations for accountants with a lot of clients. By creating a client portal, accountants can make workspaces for each individual client. You can manage multiple client portals in one virtual data room. This works to unify communications and file sharing across all clientele in one place. Client portals help you stay organized and makes operations more efficient.  

With so many forms, files, contracts, accounts and disclosures that accounting entails, securely sharing these documents is crucial to the business. By understanding what online file sharing platforms and services are available and how you can use their different features, you can promise security to your client and your company and also run a better organization. Optimizing and streamlining processes can lead to a more organized way of going about all sorts of accounting tasks.  

Check out the specific services Onehub can provide when it comes to secure file sharing for accountants and beyond.