Sharing sensitive documents beyond your firewall is an important aspect of many projects regardless of whether you’re a company M&A team or an investment banker who offers advice to clients. A VDR is an encrypted virtual meeting space that can help you facilitate the due diligence process and improve your chances of closing the deal. It is important to choose the right one for your business. A VDR which isn’t reliable or user-friendly could delay your project and cost you money.

When selecting a VDR be sure to choose one with basic features such as user access and file management control. However, it also comes with advanced options like redaction and fence views to prevent leakage. It should also comply with the standards of your industry and have an easy and intuitive interface that is accessible to executives of all levels as accounting professionals at the entry level. Also, you should look for a service provider that gives an initial trial for free, and does not charge for use after the trial period has ended. Do not choose a provider that offers gifts and drinks for free, as they may not be concerned about the quality.

It is important to first determine the duration of your projects and the frequency you will require sharing confidential documents with third parties. This will help you decide whether you should purchase a one-time VDR for each project or an annual subscription that allows for multiple deals. You should also consider whether you require any additional services, like consultations or training.