Finding Perfect Software for Fundraising & Managing LPs

Fundraising & Managing LPs is a process that is best done with well-protected software. For example, you can implement your Fundraising & Managing LPs through virtual data rooms. Below are some recommendations for finding a data room and examples of good software options.

What are the benefits of virtual data rooms?

Sometimes companies have a question: why use a virtual data room if you can get by with banal cloud storage? This is not true. Virtual data rooms offer the following advantages over regular online storage:

  • Your files are bank-grade protected. Moreover, you don’t have to worry about the security of your files since when uploading, transferring, or editing, encryption keys of the same class are used as in Internet banking.
  • You can flexibly configure access to files as you like. For example, the software allows you to make some files invisible to restrict access to some files. You can also create files that are destroyed on their own.
  • Full history of transformations of each document. You can see the history of each file: which employee of the company uploaded it to the server, who edited it, and who just viewed it.
  • Huge integration possibilities. Each VDR service tries to create the most comfortable conditions for the user so that you can edit files without leaving the data room. Such services receive integrations from Adobe, Microsoft, Slack, etc.
  • You can do big deals. With VDRs, you can prepare documentation for your company’s significant transactions. For example, mergers and acquisitions, sales, access to an investment fund, or other manipulations.

These are just some of the most apparent benefits of virtual data rooms. Today, users find their advantages in services, mainly since many VDR programs exist.

How to choose VDR technology for Fundraising & Managing LPs

So, you decided to still try the maximum comfort in working with documents. But how to choose the right program, because they are so different.

  • Convenient interface. The VDR program should be understandable for you and your colleagues and employees of the company. They have to master the basic functionality of the company in just a few days to start working on new protocols.
  • Data storage security. You don’t even have to look for reviews or additional information here – every VDR service provider considers security their main achievement. Companies are happy to share information about what technologies are used to protect data.
  • Proper functionality. You may need to hold meetings or work with files – choose the VDR functionality based on your needs.

And, of course, the cost of the product plays an important role. You need to choose a data room that is beneficial for your business in terms of benefits but at the same time does not take too much money. VDR can be selected for small, medium, or large businesses – prices will vary greatly.

Key Rules of Decreasing the Remote Audit Risks

When switching to a remote format, it is essential to provide the team of auditors with the technical means for work and the correct settings. In addition, remote audit differs from the traditional one in that the regularity of direct personal interaction between the auditors and the objects of audits is reduced. Other differences may depend on the level of technical savvy of internal audit before moving to a remote format and what internal audit will become.

Create a new communication microclimate

Lack of face-to-face communication between colleagues at a distance can adversely affect the quality of audit findings. Therefore, it is advisable to review the competence map of internal auditors and assign hours of internal telephone consultations to each of the auditors as part of their professional expertise. It is also necessary to set “quiet” hours, a ban on the exchange of voice messages, and the frequency of general video calls.

Approve a new regulation on internal labor regulations

The approach to the organization of the working day – from 9:00 to 18:00 with a lunch break at a certain time – should be reviewed within reasonable limits. So, for an internal auditor, you can set a period during which he is obliged to receive calls and respond to urgent messages. At the same time, he does not have to carry out audit activities this time directly.

Develop new security standards

Working remotely does not always mean working from a home office; it is an opportunity to work anywhere in the world at a convenient time. Such a variety of possibilities requires establishing several additional security procedures for internal auditors working with enterprise trade secrets. It is best to use well-secured virtual data rooms for the event.

Enter the position of supervisor in the staffing table

It is necessary to introduce a position in the staffing table, the place of work that will be the company’s office. The supervisor can be attached to the audit team and provide administrative assistance in conducting audits, the timeliness of information exchange, seeking contacts, requests and receiving audit evidence. A supervisor is more than a secretary.

Provide employees with access to all information systems

The effectiveness of remote audits can only be achieved by providing continuous and absolute access to all information and analytical resources, and control systems available in the company. Considering the variety of applied computer programs and the cross-section of information, an internal audit should be able to verify data between systems and only, if necessary, independently to obtain clarification or additional supporting documents, contact the relevant division, service, or subsidiary.

Review audit procedures and audit evidence format

The increase in the array of digital audit evidence and how to obtain it requires a review of the usual approaches to documenting audit procedures. In addition, we need new documents indicating the sources of data, the date and time of access, photographs of pages, and other information that ensures the reliability of evidence.

ShareFile Vs. Other Cloud Storage Systems on the Market

ShareFile is one of the VDR technology’s representatives, characterized by a straightforward design, numerous convenient functions, and a reasonable price. Read on for the critical features of this software.

Key information about ShareFile

ShareFile is a virtual data room based on cloud technology. To use it, you do not need to download any programs to your computer; open a browser and go to the platform website. This is ideal for small businesses.

The program can work with client data and file storage. Secure work with documents is available: you can upload files, send them to someone from the company’s employees, and give access to your customers, if necessary. In addition, the program can leave electronic signatures on documents.

All company employees can work with documents in real-time: you can jointly edit files, leave comments to each other about possible edits, and also leave virtual signatures that carry legal force. The software is available on any device.

If you are very worried about the security of your documents, then you can relax here: all data is transmitted through secure and encrypted gateways. No one can intercept the data, both from within and from the outside. Security protocols correspond to those for virtual banking.

ShareFile service cost

As mentioned above, ShareFile is ideal for small and medium businesses. This service costs $10 per user per month (if the company employs up to 5 employees). For every five employees, additional features can be unlocked for $15 per month.

If your team has more than five people, then the program cost will be $24 for each of them.

Despite the fact that the program involves paid plans, you can try it for free. The site offers the opportunity to issue a demo version. There you get full access to the services to evaluate the quality of the data room and try out all its features. You can use the free version of the program for 30 days. This is more than enough to try all its features and see if you like this software.

ShareFile Key Benefits

The ShareFile virtual data room has several notable advantages, namely:

  • An excellent web interface can be compared with a few other software. Although you can download the desktop version of the program, it will feel a little rough and awkward compared to the web version.
  • Enhanced security protocols are used here, and data room administrators can flexibly control employee access and rights. Every little thing here can be customized to the needs of the company. This allows you to keep documents protected from theft and, at the same time, creates a collaborative environment.
  • Integration with other services. In particular, users note the very successful integration of ShareFile with the Outlook product.
  • There is a connectors feature that is quite useful for large enterprises.

And there is also the ability to connect to other cloud platforms and create a vast data environment where everyone can share and share them.