Fast Statement – Terms of Use
Effective Date: 27 January 2026
Company: 2ND BRAIN PTE. LTD. (UEN: 202343194N) ("Fast Statement", "we", "us", "our")
Support: support@faststatement.com
These Terms of Use ("Terms") govern your access to and use of the Fast Statement platform, websites, applications, APIs, and related services (collectively, the "Service"). By clicking "accept", creating an account, accessing, or using the Service, you agree to these Terms. If you do not agree, do not use the Service.
If you are using the Service on behalf of an entity (including an accounting firm), you represent that you have authority to bind that entity, and "you" refers to that entity.
1. Definitions
1.1 "Account" means an account registered to access the Service.
1.2 "Customer Data" means data, documents, files, records, transactions, and information you or your Authorised Users upload, import, submit, or otherwise provide to the Service, including client data where applicable.
1.3 "Authorised Users" means individuals you permit to use your Account (e.g., your employees, contractors, or agents).
1.4 "Professional User" means an accounting firm, accounting practice, accountant, bookkeeper, or similar professional who uses the Service to provide services to their clients.
1.5 "Client" means an end customer of a Professional User.
1.6 "Credits" means prepaid usage credits that may be consumed to access paid features or usage-based functions of the Service (e.g., upgrading a Project from free to paid status).
1.7 "Bonus Credits" means free or promotional credits that may be granted at our discretion (e.g., as a gift, promotion, or goodwill), which may have different rules from paid Credits.
1.8 "Outputs" means financial statements, reports, documents (including PDF and Word files), formula calculation results, and other content generated or produced by the Service based on your Customer Data, configurations, and instructions, including AI-assisted outputs.
1.9 "Project" means a financial statement project created within the Service, which organises modules, formulas, templates, and related data for the preparation of a unified financial statement.
1.10 "Templates" means pre-built or user-created module structures, content blocks, and formula configurations that may be applied to Projects. Templates include both organisation-level templates and publicly available templates (e.g., country-specific financial statement templates).
1.11 "Formulas" means calculation rules configured within the Service that reference financial data sources (such as trial balance categories, custom values, or lease liability data) to compute values for inclusion in Outputs.
2. Eligibility and Account Registration
2.1 You must be legally capable of entering into a contract and comply with applicable laws to use the Service.
2.2 You are responsible for maintaining accurate registration information and for all activity that occurs under your Account.
2.3 You must keep your login credentials confidential and must not share them outside your organisation or permitted engagement scope.
3. License and Acceptable Use
3.1 License. Subject to these Terms and your payment obligations (if any), we grant you a limited, non-exclusive, non-transferable, non-sublicensable right to access and use the Service for your internal business purposes (and, for Professional Users, for providing services to Clients as permitted under Section 10).
3.2 Restrictions. You must not (and must not allow others to):
- copy, modify, translate, or create derivative works of the Service (except as permitted by law);
- reverse engineer, decompile, or attempt to discover source code or underlying models except to the extent restrictions are prohibited by law;
- scrape, crawl, harvest, or use automated means to access the Service except via approved APIs (if any) and in accordance with our documentation;
- interfere with or disrupt the Service, bypass security measures, or probe or test vulnerability without our prior written consent;
- resell, rent, lease, or provide the Service as a standalone product to third parties (except Professional Users serving Clients as described in Section 10);
- use the Service to create or improve competing products or services, or to benchmark the Service for competitive publication without our prior written consent;
- use the Service for unlawful, harmful, fraudulent, or misleading purposes.
3.3 Compliance. You are responsible for ensuring your use complies with applicable laws, including data protection laws, professional obligations, and recordkeeping requirements.
4. Service Availability, Changes, and Support
4.1 Availability. The Service may be unavailable from time to time due to maintenance, upgrades, outages, or events beyond our reasonable control (including third-party failures). We do not guarantee uninterrupted availability.
4.2 Changes. We may modify, add, or remove features, including changing how Credits or features are consumed, the structure or content of Templates, or the behaviour of Formulas. We will use reasonable efforts to communicate material changes.
4.3 Support. Support is provided via support@faststatement.com or other channels we designate. Response times are not guaranteed unless agreed in writing.
5. Intellectual Property
5.1 The Service (including software, interfaces, design, Templates, formula engines, document rendering systems, and underlying technology) is owned by Fast Statement and/or its licensors and is protected by intellectual property laws.
5.2 Except for the limited rights expressly granted to you, no rights are granted by implication or otherwise.
6. Customer Data, Privacy, and Data Security
6.1 Your ownership of Data and Outputs. As between you and us, you own all rights, title, and interest in and to your Customer Data and the Outputs generated for you. However, your ownership of Outputs is subject to Fast Statement's (and its licensors') underlying intellectual property rights in the Service, Templates, formula engines, and document rendering systems as described in Section 5. If Outputs contain third-party content or public templates, your use may be subject to additional license terms.
6.2 Permission to process. You grant us a worldwide, non-exclusive right to host, store, transmit, process, and display Customer Data solely to: (a) provide and maintain the Service; (b) prevent or address security, fraud, or technical issues; (c) comply with legal obligations; and (d) improve Service performance and reliability as described in these Terms (subject to Section 7 regarding AI training).
6.3 Security. We implement reasonable administrative, technical, and organisational safeguards designed to protect Customer Data. No method of transmission or storage is 100% secure; you accept this risk.
6.4 Backups. You are responsible for maintaining backups of your Customer Data.
6.5 Privacy. Our privacy practices (including how we handle personal data) will be described in our Privacy Policy, which forms part of these Terms by reference. If there is a conflict between these Terms and the Privacy Policy regarding personal data handling, the Privacy Policy controls.
6.6 Data dependency. The Service may reference and incorporate data you maintain in connected platforms or modules (such as trial balance data, chart of accounts, lease liability records, and other financial records). The accuracy of Outputs depends on the accuracy and completeness of such underlying data. You are responsible for ensuring the accuracy of all data that serves as input to the Service.
7. AI Features and Model Training (No-Training Commitment)
7.1 AI-assisted service. Fast Statement may use AI techniques to assist with specific functions within the Service, including suggesting formula mappings between your financial data categories and report line items, and other configuration assistance. AI-assisted features are designed to support — not replace — your professional judgment.
7.2 No training on Customer Data. We do not use Customer Data to train or fine-tune our general-purpose AI models (or to build models intended for use by other customers) unless you explicitly opt in through a separate written agreement.
7.3 Service providers. We may use third-party infrastructure or AI service providers (such as large language model providers) to operate the Service. Where Customer Data is processed by such providers on our behalf, we will require protections consistent with these Terms (including contractual restrictions intended to prevent use of Customer Data for the provider's model training, where available).
7.4 Outputs are not guaranteed. AI-assisted Outputs, including formula mapping suggestions and generated content, may contain errors, omissions, or misclassifications. You are responsible for reviewing all Outputs and using professional judgment before relying on them.
8. Formulas, Templates, and Calculation Accuracy
8.1 Formula calculations. The Service provides a formula engine that allows you to configure calculation rules referencing financial data sources. Formula calculations are performed based on (a) the formula rules you configure or accept, and (b) the underlying data available at the time of calculation. We do not guarantee that formula results are correct, complete, or suitable for any particular purpose.
8.2 Data source dependency. Formula results depend on the accuracy and completeness of the financial data maintained in your account (including trial balance data, custom values, and lease liability records). Changes to underlying data may affect previously generated Outputs. You are responsible for verifying formula results before relying on them.
8.3 Templates. The Service may provide pre-built Templates, including country-specific financial statement templates. Templates are provided for convenience and general reference only. They do not constitute accounting, tax, legal, or regulatory advice, and are not guaranteed to comply with any particular accounting standard, framework, or jurisdiction's requirements (including but not limited to SFRS, IFRS, GAAP, or local statutory requirements). You are solely responsible for ensuring that any Template you use is appropriate for your purposes and complies with applicable requirements.
8.4 No substitute for professional review. Regardless of any Templates, Formulas, or AI-assisted features used, you (and, for Professional Users, you and your Clients) remain solely responsible for reviewing, validating, adjusting, and approving all financial data and deliverables before use, submission, or reliance.
8.5 User-Created Templates and Sharing.
(a) organisation Sharing: You may share Templates you create with Authorised Users within your organisation.
(b) Public Templates: If you choose to publish a Template publicly (if such feature is available), you grant Fast Statement a perpetual, worldwide, royalty-free license to host, reproduce, modify, create derivative works from (e.g., formatting or localisation), display, distribute, and make available that Template. You represent that you have the right to share such content.
(c) Infringement and Removal: We reserve the right to remove any Template (public or private) that violates third-party intellectual property rights or these Terms. We may remove or restrict access to any Template at our discretion, including for compliance, quality, or legal reasons.
9. Data Retention and Deletion
9.1 Retention. We may retain Customer Data for as long as needed to provide the Service, meet legal/compliance requirements, resolve disputes, and enforce these Terms.
9.2 Default retention period. Unless otherwise agreed in writing, we may retain Customer Data for up to seven (7) years, reflecting common financial recordkeeping practices, after which we may delete or de-identify it.
9.3 After termination. Following termination, we may disable access and, after a reasonable period (typically 30 days), delete Customer Data unless legally required to retain it longer. You should export your data before termination.
10. Professional Users (Accounting Firms, Accountants, Bookkeepers)
10.1 Permitted professional use. Professional Users may use the Service to provide services to Clients (e.g., preparing financial statements, reports, or summaries) provided that the Professional User:
- has appropriate authority and permissions from each Client to access, upload, and process Client data;
- complies with professional and regulatory obligations; and
- remains responsible for its engagement terms with the Client.
10.2 Client consent and instructions. Professional Users represent and warrant they have obtained all necessary consents and have provided all required notices to Clients regarding the use of the Service and any processing of Client data, including the collection and use of personal data such as director and shareholder names.
10.3 No responsibility for final financial accuracy. Fast Statement does not guarantee the completeness or accuracy of final financial statements, accounting outcomes, tax positions, or regulatory filings. Outputs are generated based on inputs, formula configurations, templates, and underlying data; they may require adjustment. The Professional User (and/or Client) is solely responsible for reviewing, validating, and approving all financial data and deliverables before use or submission.
10.4 Access administration. Professional Users should manage Authorised Users carefully and promptly revoke access when staff leave or are no longer assigned to a Client.
11. Fees, Credits, and Payments
11.1 Credit-based paid usage. Paid functionality may be accessed via prepaid Credits. Credits are deducted as you use eligible features. The specific Credit consumption rules (e.g., how many Credits are required for a specific action) will be as displayed within the Service interface at the time of use. Any examples provided in these Terms or documentation are for illustration only.
11.2 Bonus Credits. We may grant Bonus Credits at our discretion. Bonus Credits may be time-limited, non-transferable, and may not be redeemable for cash. We may modify or withdraw promotions at any time where permitted by law.
11.3 Free Projects. The Service may allow you to create a limited number of free Projects. Free Projects may have restricted functionality (such as export limitations). The number of free Projects available may change at our discretion.
11.4 Pricing and consumption rules. Credit prices, consumption rates, and eligible features may change over time. We will aim to provide notice of material changes through the Service, email, or other reasonable means.
11.5 Expiry. Unless otherwise stated at purchase, paid Credits may expire after twenty-four (24) months from the date of purchase. Bonus Credits may have shorter expiry periods as stated at issuance.
11.6 Non-refundable. Except where required by applicable law, payments for Credits are non-refundable, and unused Credits are not redeemable for cash. However, if Credits are deducted incorrectly due to a verified system error, we will refund or reinstate such Credits (as applicable) after verification.
11.7 Taxes. Fees are exclusive of taxes unless stated otherwise. You are responsible for applicable taxes, duties, and levies (including GST, if applicable).
12. Third-Party Services and Integrations
12.1 The Service may integrate with or depend on third-party products or services (e.g., cloud storage, AI service providers, accounting systems). Your use of third-party services is governed by their terms.
12.2 We are not responsible for third-party services, including their availability, security, accuracy, or data handling practices.
13. Confidentiality
13.1 Each party may receive confidential information from the other. Confidential information includes non-public business, technical, and pricing information.
13.2 The receiving party will protect confidential information using reasonable care and use it only to perform under these Terms.
13.3 Confidentiality obligations do not apply to information that is publicly available, already known lawfully, independently developed, or rightfully obtained from a third party without restriction.
14. Disclaimers
14.1 As-is. The Service, Templates, Formulas, and Outputs are provided on an "as is" and "as available" basis.
14.2 No professional advice. The Service is not a substitute for professional accounting, tax, legal, or audit advice. Templates (including country-specific templates) do not constitute advice on applicable accounting standards or regulatory requirements. You should obtain advice from qualified professionals where appropriate.
14.3 No warranties. To the maximum extent permitted by law, we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, and non-infringement. Without limiting the foregoing, we do not warrant the accuracy of formula calculations, the suitability of Templates for any jurisdiction or accounting standard, or the correctness of AI-assisted suggestions.
15. Limitation of Liability
15.1 Exclusion of certain damages. To the maximum extent permitted by law, Fast Statement will not be liable for indirect, incidental, special, consequential, exemplary, or punitive damages, or any loss of profits, revenue, goodwill, business opportunities, or data, arising from or related to the Service or these Terms, including but not limited to losses arising from reliance on formula calculations, template content, or AI-assisted outputs.
15.2 Liability cap. To the maximum extent permitted by law, our total liability for claims arising out of or related to the Service or these Terms will not exceed the total fees actually paid by you to Fast Statement in the twelve (12) months immediately preceding the event giving rise to the claim, subject to an absolute aggregate cap of SGD 5,000 (or such other amount agreed in writing).
15.3 Basis of bargain. You acknowledge that fees reflect the allocation of risk under these Terms.
16. Indemnity
You will indemnify and hold harmless Fast Statement, its affiliates, and its personnel from and against claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or related to: (a) your or your Authorised Users' use of the Service; (b) your Customer Data (including allegations you lacked rights/consents); (c) your breach of these Terms; (d) violation of law or third-party rights; or (e) your reliance on Outputs, Templates, or formula calculations without adequate independent verification.
17. Suspension and Termination
17.1 By you. You may stop using the Service at any time.
17.2 By us. We may suspend or terminate your access (in whole or in part) immediately if we reasonably believe: (a) you breached these Terms; (b) your use poses a security, legal, or operational risk; (c) we are required to do so by law; or (d) your payment is overdue.
17.3 Effect of termination. Upon termination, your rights to use the Service cease. Sections that by their nature should survive (including IP, confidentiality, disclaimers, limitation of liability, indemnity, and governing law) will survive.
17.4 Data export. You are responsible for exporting Customer Data prior to termination or within any post-termination access window we may provide.
18. Changes to These Terms
We may update these Terms from time to time. Updated Terms will apply from the effective date stated in the updated version. If changes are material, we will take reasonable steps to notify you. Continued use after the effective date constitutes acceptance of the updated Terms.
19. Notices
19.1 To us. Notices to Fast Statement must be sent to support@faststatement.com, unless we provide another address.
19.2 To you. We may provide notices via email to the address associated with your Account or via in-product notifications, which will be deemed received when sent (subject to applicable law).
20. Governing Law and Dispute Resolution
20.1 Governing law. These Terms are governed by the laws of Singapore, without regard to conflict of law principles.
20.2 Courts. Subject to any mandatory arbitration or tribunal rules that apply, the parties submit to the exclusive jurisdiction of the courts of Singapore for disputes arising out of or related to these Terms or the Service.
20.3 No class actions. To the extent permitted by law, disputes must be brought in an individual capacity and not as a plaintiff or class member in any purported class, collective, or representative proceeding.
21. Miscellaneous
21.1 Entire agreement. These Terms (and referenced policies) are the entire agreement regarding the Service and supersede prior understandings.
21.2 Severability. If any provision is held invalid, the remainder will remain in effect.
21.3 No waiver. Failure to enforce any provision is not a waiver.
21.4 Assignment. You may not assign these Terms without our prior written consent. We may assign these Terms in connection with a merger, acquisition, or sale of assets.
21.5 Force majeure. Neither party is liable for failure to perform due to events beyond reasonable control (except payment obligations).
21.6 Relationship. The parties are independent contractors. No partnership, agency, or employment relationship is created.
21.7 Feedback. If you provide suggestions or feedback, you grant us a worldwide, perpetual, irrevocable, royalty-free right to use it without restriction or compensation.
2ND BRAIN PTE. LTD. (UEN: 202343194N)