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In any organization, employees must keep their business-related passwords and sensitive data secure. That means not reusing passwords, creating unique and strong credentials, and keeping all that information somewhere safe. And “safe” means somewhere more secure than a Post-It note. Thankfully, a lot of well-known security companies offer business-focused password managers.

PCMag has tested and analyzed plenty of password managers so you can pick the one that's right for your business. If you try one and later realize it doesn't work for your organization, don't worry; most services make switching password managers easy.

All the password management software mentioned in this article costs money, even if the base versions are free, which is expected of a product made with businesses in mind. If you have a very small business and don’t want to spend any money, we’ve rounded up the best free password managers in a different article. In that same vein, if you’re looking for all-around good value password management for yourself or your family, check out our roundup of the best password managers.

(Editors' Note: Due to LastPass' recent breach, we have decided to pull the LastPass business app from this roundup. After we have reexamined and rerated the service, we'll consider adding it back.)

Which Are the Best Business Password Managers?

For 2023, the PCMag pick for business password managers is Bitwarden because it is inexpensive and easy to use. A password manager is essential for businesses because it allows everyone in an organization to spend less time trying to remember strong, unique passwords for all their accounts. The password manager stores login credentials and passkeys for each employee.

The best password managers for businesses also let administrators keep an eye on employees’ password hygiene. That is to say, you can see which employees have weak or reused passwords, which allows you to prompt them to improve their password security.

Getting Started With a Business Password Manager

Signing up for a business password manager is similar to signing up for a personal or family account. You need to create a master password for your account, which is used to encrypt the contents of your business’ password vault. At this point, you'll also secure the account with multi-factor authentication (MFA).

After creating the vault, you send invitations to your employees, asking them to make their accounts. Some business password managers include free family plans for employees to encourage proper password hygiene at home.

After your employees are in the system, ask them to enable additional user authentication for their accounts. MFA can be biometric, SMS-based, or with time-based one-time passwords generated by an authenticator app. The best business password managers support authentication via hardware security keys, too.

How to Manage Credentials With a Business Password Manager

Once you or an employee has a password manager app installed and set up, the password manager does much of its job automatically. When you log into a secure site, your password manager offers to save your credentials for filling in the information when you return to the site later. Many password managers offer a browser extension that saves a list of your logins so you can click on a web address and log in automatically.

Most password managers can also fill in personal or company data on web forms, which is more secure and less prone to errors than typing in information manually. You can edit and store sensitive company information in the password manager’s encrypted vault. Storing payment and identity details in your company’s vault is more secure than saving them to your browser.

People come and go from workplaces, and sometimes the partings are less than amicable. What happens when an employee refuses to relinquish logins when they leave? Having one person holding all the keys to the castle is a recipe for disaster.

Some password managers for business clients have a feature allowing managers to control employees' credentials in their work vaults. This makes it easier for administrators to transfer logins to new hires and maintain a secure digital workplace. Dashlane and Zoho Vault both have this feature.

Password Managers: Enterprise-Focused Features

Sharing is an essential function for business-related password managers, and a password manager makes sharing easy and secure. Some password managers let you share a login without making the secure password visible and let you revoke the shared details once the other person has used them or make the recipient the credential's owner.

Many password managers offer single sign-on or integrations with business software such as Zoom or Google Workspace. These integrations add another layer of convenience and security for your business, as employees don’t have to enter their user passwords whenever they need to use various work-related applications.

What’s Missing From Your Company’s Security Setup?

A password manager isn't the only thing you need to use to secure your company’s secrets. We already mentioned the importance of multi-factor authentication. A virtual private network can protect your employees’ privacy while they work from home or the office. You should also consider installing a security suite, many of which also include password managers. It’s also important to make sure all your security software works.

Finally, note that, above all else, a business password manager should be easy to use. Employees baffled by a password manager may stop using it and return to less secure ways of storing and sharing passwords, or worse, using the same passwords everywhere.