Collaboration often gives staff members at nonprofits the opportunity to make sure processes are completed efficiently and quickly. When members of the workforce put their heads together, the results are often better than if one person is in charge of certain processes. One way nonprofits can improve upon collaboration within the organization is to take advantage of online document management in the cloud.

A few of the benefits of these solutions include making it easy to share information and navigate files, as well as the opportunity to access data anywhere, anytime. Below is a list of ways nonprofits can utilize online document management to their full potential.

Better communication with investors and partners
By sharing documents through online document management solutions, investors and partners will get a better understanding of what is going on within the organization. Better transparency leads to more trust in the relationship. Online document management solutions allow the organizations to share files that can improve the strength of relationships with investors and partners.

Access to budgets in the cloud
Many nonprofits often operate on a tight budget, stressing the importance of collaboration throughout the budgeting process. With online document management solutions, nonprofits can host budgeting programs in the cloud, which can lead to a number of potential benefits. A few of these benefits include the ability to share budgeting information with accountants and bookkeepers, and increased access to budgeting information because the cloud allows users to view information from a wide range of devices.

Improved financial forecasting
Nonprofits often have difficulty forecasting six months to a year down the road and getting a sense for what their finances will look like. However, through a collaborative approach with online document management solutions, nonprofits can gather insights from all sectors of the organization to get a better feel for future finances.

Increased security measures for business-critical files
Collaboration is important for nonprofit managers who want their organizations to move quickly and efficiently. In many instances, collaboration can lead to increased security concerns. Nonprofit managers can set up passwords and other encryption tools to protect online documents and make sure that only authorized users have access to the information. If important files are compromised, nonprofits can run into serious trouble, which is why managers should be sure to select a secure solution.