O365 Manager Plus allows you to configure Office 365 as the SMTP server to send real-time alerts, scheduled reports, license expiration reminders and product downtime notifications to multiple admin mailboxes.

Steps to set up Office 365 Outlook as mail server in O365 Manager Plus 

1. Login to O365 Manager Plus.
2. Go to Admin tab.
3. Select General Settings-->Mail Server in the left pane.
4. Enter smtp.office365.com in the Mail Server field and 587 in the Mail Port field.
5. In the From Address field, enter the Office 365 address from which the admins should receive emails.
6. In the Admin Address field, enter the email address of admin who should receive notifications. If you want to enter multiple email addresses, separate them using comma.
7. Select TLS in Secure Connection.
8. Select Authentication, and provide the Username and Password of the Office 365 account you had mentioned in step 5. 
9. In Notification Settings section, select the notifications the admins must receive.
10. Send Test Mail to check the configuration. 
11. Click Save.

NOTE: The Office 365 account you are configuring must have a mailbox.

Click here, to read more about O365 Manager Plus.