All users of cloud based software should now have heard about 2FA, or two-factor authentication. This does not replace the need for unique and secure passwords, but is an additional login step designed for protection. To date, setting up 2FA has been somewhat ‘optional’, however changes are upon us, with the ATO soon to make it compulsory:
From 11 September 2018 it will be compulsory for all Xero software payroll administrators and subscribers to have 2 step authentication. Account access will be denied until it is set up
From 20 November 2018 it will be compulsory for all Xero users to have 2 step authentication
MYOB also advise that 2FA will soon be mandatory for all MYOB software users
YBM understand these changes can cause some frustration, but we are well experienced in managing regulatory change. Even the way we can share your financial information with your financier has changed!
If you have not yet experienced it, look out for the YBM client portal. Despite some getting used to, we are confident that it better protects your data, and over time believe it will streamline communication with our clients.