Legal
Terms and conditions
Version 1.2 · Effective 2026-07-10
1. About these terms and who we are
1.1. These terms govern every use of Privy CFO, a financial reporting service provided by Privy Consulting ("we", "us"), registered with the Dutch Chamber of Commerce under KvK number 42030261, VAT ID NL005442935B16. Contact: louis@privyconsult.com.
1.2. These terms apply together with the signed engagement letter and the data processing agreement (verwerkersovereenkomst). If the documents conflict, the engagement letter prevails, then the data processing agreement, then these terms.
1.3. Privy CFO is a business-to-business service. We do not contract with consumers.
2. Definitions
- Client — the legal entity named in the engagement letter.
- Platform — the Privy CFO web application, including the client portal, dashboard, and chat.
- Pack — a periodic reporting deliverable (board pack, health scan, forecast pack, investor update draft, or similar) published to the Client's portal.
- Published data — financial figures that have been reviewed and approved by a qualified reviewer and released to the Client's portal.
- Client systems — the Client's accounting, billing, and related software from which the Platform reads data.
3. The service
3.1. Privy CFO prepares periodic management reporting from the Client's existing financial records: profit and loss against budget, balance sheet, cash flow, cash forecasts, key performance indicators, and written commentary.
3.2. Every pack is reviewed, edited where needed, and approved by a qualified finance professional before publication. No report reaches the Client without that review. Each published figure is traceable to the underlying records and a dataset snapshot.
3.3. The service tier (Core, Plus, or Board), its features, and its fees are set out in the engagement letter.
3.4. Access to Client systems is read-only. The Platform cannot create, modify, or delete records in any Client system, and we will never ask for credentials that would allow it to.
4. What Privy CFO is not
This section defines the boundaries of the service. These exclusions are part of the agreed scope, and no conduct, statement, or course of dealing extends the service beyond them unless agreed in a signed writing.
4.1. Not bookkeeping or administration. We do not maintain the Client's books, post or reconcile entries, process invoices, or keep records of any kind on the Client's behalf. The Client's own bookkeeper or accounting function maintains the records; Privy CFO reports on them.
4.2. Not statutory accounting or assurance. Packs are management information for the Client's internal use. They are not statutory annual accounts (jaarrekening), are not compiled, reviewed, or audited within the meaning of any statutory or professional assurance framework, and carry no assurance opinion. We do not perform the statutory duties of an external accountant.
4.3. Not tax advice or tax compliance. We do not prepare or file tax returns (including BTW, VPB, and payroll taxes) and do not advise on tax positions. Tax matters remain with the Client's tax advisor or accountant.
4.4. Not payment or banking services. The Platform holds no funds, initiates no payments, and connects to no payment accounts. Bank figures reach us only through the Client's accounting package or file exports.
4.5. Not investment, legal, or financing advice. Commentary describes and explains the Client's historical and projected figures. It is not a recommendation to buy, sell, invest, borrow, or enter into any transaction.
4.6. The Client's statutory obligations remain the Client's. Filing accounts, tax returns, and any other legal obligation remain the Client's responsibility, unaffected by this service.
5. Your responsibilities
5.1. Keep proper books. The quality of every pack depends on the completeness and accuracy of the Client's records, which remain the Client's responsibility.
5.2. Close on time. The reporting calendar agreed at onboarding depends on the Client's books being closed by the agreed working day.
5.3. Respond to data queries. Where figures require explanation, we raise queries through the portal; timely answers keep delivery on schedule.
5.4. Keep access lawful. The Client warrants that it may lawfully grant us read access to the Client systems it connects, and that its use of the Platform complies with law.
5.5. Manage users. The Client controls who in its organisation (and which external collaborators, such as its bookkeeper) can access its workspace, and remains responsible for their use.
6. Data: access, protection, and retention
6.1. We process Client personal data as processor under the data processing agreement signed at onboarding. For our own business records (contact details, billing), we act as controller.
6.2. All storage, processing, and AI model inference take place within the European Union.
6.3. Retention: published deliverables and signed contracts are retained for seven years. Raw synced financial data is deleted ninety days after offboarding. On exit, the Client receives a complete export of its deliverables and data.
6.4. We maintain a register of subprocessors and make it available to Clients. We will give notice of subprocessor changes as set out in the data processing agreement.
6.5. Credentials for Client systems are stored encrypted and are never exposed to AI models or to our staff in plain form.
7. AI assistance and human review
7.1. Draft packs and chat answers are prepared with the assistance of artificial intelligence. Every pack is reviewed and approved by a qualified finance professional before the Client sees it; this human review is a fixed feature of the service, not an option.
7.2. Numerical figures in packs and chat answers are computed from the Client's records, not generated by AI. Each figure links to its source.
7.3. The portal chat ("Ask Privy CFO") answers questions about the Client's published data only. It does not access unreviewed drafts. Questions calling for advice or judgement are routed to a human reviewer. Chat answers are information about the Client's own published figures, not advice, and section 4 applies to them in full.
7.4. Automatically generated interim updates (such as the mid-month cash flash) are labelled as unaudited and auto-generated. They do not carry review approval and should be read accordingly.
8. Fees, billing, and payment
8.1. Fees are set out in the engagement letter: a monthly subscription per tier plus a one-off onboarding fee. All amounts exclude BTW.
8.2. Payment is collected by SEPA direct debit (subscriptions) and iDEAL (onboarding fee) through our payment provider. Invoices are issued automatically.
8.3. We may adjust fees with at least two months' written notice, effective no earlier than the start of the next billing period after the notice period. If the Client does not accept an increase, it may terminate per section 9 before the increase takes effect.
8.4. If payment fails, we notify the Client and retry. If payment remains outstanding thirty days after the due date, we may place the workspace in read-only mode until settled. We never delete Client data for non-payment.
9. Term, suspension, and ending the service
9.1. The subscription runs monthly and renews automatically. Either party may terminate with one month's written notice.
9.2. Either party may terminate with immediate effect if the other materially breaches these terms and does not cure within fourteen days of written notice, or becomes insolvent.
9.3. We may suspend access immediately where necessary to protect the Platform or other clients (for example, compromised credentials or unlawful use), and will inform the Client without delay.
9.4. On termination: integrations are disconnected, the Client receives its export (section 6.3), raw synced data is deleted after ninety days, and deliverables are retained per the retention policy.
10. Intellectual property
10.1. The Platform, its templates, reporting structures, and software remain our property. The Client receives a non-exclusive, non-transferable right to use the Platform for its internal business during the subscription.
10.2. The Client's data remains the Client's. Published packs delivered to the Client may be used by the Client freely for its internal purposes and for sharing with its board, shareholders, and advisors.
10.3. We may use aggregated, anonymised usage information to improve the service. We do not use Client financial data to train AI models.
11. Confidentiality
11.1. Each party keeps the other's confidential information confidential and uses it only for the purposes of the service. This survives termination.
11.2. Disclosure is permitted where required by law or a competent authority, with prior notice to the other party where lawfully possible.
12. Reports: nature and reliance
12.1. Packs are management information prepared from records maintained by the Client, for the Client's internal decision-making. They reflect those records as at the stated snapshot.
12.2. The Client remains responsible for decisions taken on the basis of packs, dashboards, or chat answers. Where a decision has significant financial or legal consequences, the Client should take appropriate professional advice (see section 4).
12.3. If the Client shares a pack with a third party (such as an investor or bank), it does so on its own responsibility; we accept no duty of care to third parties.
13. Liability
13.1. Our total aggregate liability in any twelve-month period is limited to the subscription fees paid by the Client for that period.
13.2. We are not liable for indirect or consequential loss, loss of profit, loss of opportunity, or loss arising from decisions made in reliance on management information, nor for loss caused by errors or omissions in the Client's own records.
13.3. Nothing in these terms limits liability for intent or deliberate recklessness (opzet of bewuste roekeloosheid) or any liability that cannot be limited under Dutch law.
13.4. Claims must be notified in writing within twelve months of the Client becoming aware of the grounds.
14. Changes to the service and these terms
14.1. We develop the Platform continuously and may improve or change features, provided the core service described in the engagement letter is not materially reduced.
14.2. We may update these terms. Material changes are announced at least one month before they take effect, by email and in the portal. If the Client does not accept a material change, it may terminate per section 9 before the change takes effect. The current version, its date, and its history are always published on this page.
15. Governing law and disputes
15.1. These terms are governed by Dutch law.
15.2. Disputes are submitted to the competent court in Amsterdam, after the parties have first made a genuine attempt to resolve the matter between them.
16. General
16.1. If a provision of these terms is invalid, the remainder stays in force and the invalid provision is replaced by a valid one reflecting its intent.
16.2. The Client may not assign the agreement without our written consent. We may assign it within a restructuring of our business, with notice.
16.3. These terms, the engagement letter, and the data processing agreement form the entire agreement and replace prior discussions.
Version history
| Version | Date | Change |
|---|---|---|
| 1.2 | 2026-07-10 | Rebranded from BoardReady to Privy CFO. Nominal name change only — no change to service scope, boundaries, fees, or obligations. |
| 1.1 | 2026-07-05 | Added KvK number and VAT ID. |
| 1.0 | 2026-07-05 | First published version. |