Sharing access to your organization's domain, email, and passwords

Don't limit access to your organization's accounts to just one administrator. Share access to ensure continuity of control for your most important accounts.

When you have only one account/password administrator, you have problems: You're completely dependent on that person for access. An accident, emergency, or a job change may leave your organization without an administrator to manage accounts. Many organizations struggle to access all sorts of accounts after an administrator leaves.

Share access to three important services--your domain name, your email, and your passwords. It goes without saying, share access only with people you trust, typically employees or a board member.

Shared Administrative Access
Some online applications like G Suite and Office 365 allow more than one account to hold "super administrator" or "global admin" privileges.

Password Manager Application
A password management system offers two additional options: Shared passwords and emergency access. Shared password systems, such as 1Password for Teams, Lastpass for Teams, or Dashlane for Teams, allow different people to login to a site with the same password synced and shared across accounts. If one person changes the password, the change syncs, too. Emergency access allows full access, as well, and can be configured to only allow access if the account holder doesn't respond.

Encrypted Word Documents As A Password Manager
For those looking for a more affordable and simpler alternative (assuming you already are using Microsoft Word). Using Word 2007 or later, (and ideally it would be Word 2013 or later) it should be reasonably secure to use an encrypted Word Document as a password manager. Versions prior to 2007 will not be secure at all.
How to Password Protect a Word Document - Video
How to password protect Microsoft Office documents