Use Box WebDocs:
These are authoritative documents that live on the Box service and cannot be downloaded and edited outside of the Box environment. When a team member views a WebDoc it is automatically locked to ensure the document does not get edited in parallel, preventing the creation of multiple, slightly differing copies of a document that must subsequently be compared and merged into an authoritative document. Collaborators will know when a document is being viewed by another team member because it will be grayed out.
Enter notes in the document Comment section:
Existing documents in formats such as Word, Excel, and PowerPoint can have a running set of comments that can then be consolidated into an authoritative document managed by a designated individual.
To add a comment, click on the icon to the right of the document's name. A comment window will appear below the document name. Click "Add Comment" when finished to add the comment to the document.
Documents with comments will display a number over the comments icon indicating the number of comments attached to the document.
Use the Discussion tab to track information at the folder level:
Similar to comments associated with a document, each folder will display a discussion tab to the right of the Files and Folders tab.
Like the Comments associated with an individual file, the number of threaded discussions will appear to the left of the word "Discussions" on the tab. Clicking the tab will display the threaded discussion(s).
Add a new discussion topic by entering the topic in the "Add a New Topic" field for the folder. To add an additional comment to an existing discussion thread, add the comment in the field that displays below the most recent comment entered for the discussion.
Just as with documents that contain comments, Folders that have a running set of discussions can have document created that contains consolidated info that can be managed by a designated individual.
Recovering from accidental overwrites
Files accidentally overwritten can be easily recovered in Box.