Office 365 Team Sites or SharePoint, is an great way to collaborate and share documents.
Configure audit settings for a site collection. The audit feature of Microsoft SharePoint Server or SharePoint Online let you track user actions on a sites content types, lists, libraries, list items, and library files within your site collections.
Controlling permission. To control user access with permissions there are three SharePoint security features that you want to work with. SharePoint groups, Permission levels, and Permissions inheritance and site structure, all work together to help you control user access to sites and content on sites.
Document Libraries. A library is a location on a site where you can upload, create, update, and collaborate on files with team members. Each library displays a list of files and key information about the files, such as who was the last person to modify a file. Most sites include a library when you create the site. For example, a team site has a Documents library where you can organize and share your documents.