Financial Management Risk Disclosure
Important Risk Warning
Fidelock is a financial management tool, not a substitute for professional financial, tax, or business advice. This disclosure helps you understand risks associated with using financial management software for personal or business purposes. All financial decisions remain entirely your responsibility.
1. Data Management Risks
Using any financial management software carries certain risks that SME owners should understand:
- Data Accuracy Risk: Incorrect data entry can lead to flawed business decisions
- Device Loss Risk: Loss or damage to your iOS device may affect data accessibility
- iCloud Dependency: Data sync relies on Apple's iCloud service availability
- Software Bugs: Like all software, Fidelock may contain bugs that affect calculations
- User Error Risk: Mistakes in categorization or data entry can impact reports
- Backup Responsibility: You are responsible for maintaining data backups
2. Financial Decision Risks
Financial Management Tool Limitations
Fidelock provides financial tracking and reporting, but important decisions should consider:
Personal Finance
- • Consult financial advisors for major decisions
- • Tax compliance for personal returns
- • Insurance and estate planning needs
- • Investment and retirement planning
Business Finance
- • Professional accounting and tax services
- • Regulatory compliance requirements
- • Audit documentation standards
- • Business strategy and planning
3. Technology and Platform Risks
iOS App Dependencies
As an iOS-based financial management app, certain technology risks apply:
- iOS Version Compatibility: App may require iOS updates for optimal performance
- App Store Dependency: Updates and distribution through Apple App Store
- Device Hardware: Performance depends on your iOS device capabilities
- Internet Connectivity: Some features require internet connection
- Software Updates: Regular updates may change app behavior or features
4. Business Compliance Risks
SME Compliance Considerations
Using financial management software does not replace business compliance requirements:
- Tax Obligations: You remain responsible for accurate tax reporting
- Audit Requirements: May need additional documentation for audits
- Regulatory Compliance: Industry-specific regulations still apply
- Record Keeping: Legal requirements for business record retention
- Professional Standards: Accounting standards and practices must be followed
Always consult with qualified accountants and business advisors for compliance matters.
5. Business Decision Making Risks
Common SME Management Mistakes
Business owners may make poor decisions based on incomplete financial information:
- Over-reliance on Software: Making decisions based solely on app data
- Incomplete Analysis: Not considering external business factors
- Cash Flow Mismanagement: Poor timing of expenses and income
- Budget Overconfidence: Assuming budgets will be perfectly followed
- Seasonal Ignorance: Not accounting for business seasonality
- Growth Miscalculation: Scaling too quickly based on limited data
6. Risk Management Best Practices
Reducing Business Financial Risks
While risks cannot be eliminated, they can be managed through:
- Regular Backups: Maintain multiple backups of your financial data
- Professional Consultation: Work with qualified accountants and business advisors
- Data Verification: Regularly cross-check app data with bank statements
- Multiple Tools: Don't rely solely on one app for business decisions
- Documentation: Maintain physical receipts and records
- Regular Reviews: Schedule periodic financial reviews with professionals
- Education: Stay informed about business financial best practices
7. Fidelock's Role and Limitations
What We Do and Don't Do
Fidelock Provides:
- Business expense and income tracking tools
- Financial data organization and categorization
- Basic financial reporting and insights
- Multi-ledger system for business organization
- iCloud synchronization for your data
Fidelock Does NOT Provide:
- Business or financial advice
- Tax preparation or filing services
- Accounting or bookkeeping services
- Business strategy or planning guidance
- Legal or regulatory compliance advice
- Professional audit or review services
8. Your Responsibilities
As an SME owner using Fidelock, you are responsible for:
- Data Accuracy: Ensuring all financial information entered is correct
- Professional Guidance: Consulting with qualified accountants and business advisors
- Compliance: Meeting all business, tax, and regulatory requirements
- Record Keeping: Maintaining proper business documentation
- Data Security: Protecting your device and iCloud account
- Regular Backups: Creating and maintaining data backups
- Business Decisions: All strategic and operational decisions remain your responsibility
Acknowledgment Required
By using Fidelock's business financial management tools, you acknowledge that you have read, understood, and accept all the risks outlined in this disclosure. You understand that Fidelock is a financial tracking tool and not a substitute for professional business advice. You agree to consult with qualified professionals for all significant business and financial decisions.
Last updated: September 27, 2025