Translating financial content is not an easy task and requires the services of an expert. Here are five reasons why your firm would need an expert when it comes to transcribing financial documents.
When you get to translate any financial related content, you usually encounter a number of challenges, which make the job of translation very challenging. That is why you need an expert for translating financial content. Here are five reasons why you need to outsource financial translation services:
- The content is specialized
Financial content is very different from technical manuals or marketing material. Compliance documents, financial reports, corporate communications, merger and acquisition materials, price sheets are all different from other types of content, as each type of document comes with its own challenges. Each of these files may also be in different formats like InDesign, PDF, Excel or Word. This is where you need the skills of an expert translator who can work with such varied finance documents and transcribe them accurately.
- The terminology is specific
Accurately and consistently transcribing terminology is a major challenge when it comes to financial documents. To be able to successfully translate documents like financial statements, the transcriber should have a sound understanding of how the specific terms are used and how they are used, not just in one country, but in two or more countries as well. To maintain consistency in the translation, it is also important that these terms are translated in the exact same way across different documents. For instance, annual, monthly and quarterly financial reports must use the same words.Financial translators must not only use the correct terminology across company documents, but must also make sure to comply with IFRS rules issued by IASB. Regulations passed out by the European Union and the International Accounting Standards Board has to also be taken into account. It is very important that the translator is up-to-date with IFRS changes, since all translated versions of financial documents are legally binding.
- Numbers play an important role
It is one thing to ensure that financial terms are consistently translated, but it is another thing to make sure that numbers are also accurately transcribed. Translators transcribing a financial document cannot accidentally delete, add or move any number in a financial document, as doing so can render the entire document as inaccurate. Transcribers have to also consider how dates, currencies and decimals are used in different countries and use them consistently throughout the document. Should it be $500 or USD 500? Or even July 16, 2019 or 16 July 2019? Such things have to be taken into account.
- Deadlines are short and strict
In the world of finance, reports have to be released as quickly as the figures are. This being the case, companies have to be ready to get huge volumes of work translated very quickly and accurately. Working within fixed dates for annual reports or financial statements can put undue pressure on your resources. A financial service provider on the other hand will be able to work in accordance with the calendars of your finance firm.
- Absolute confidentiality requirements
Since financial firms deal with confidential information, from their clients as well as their own company, it is an absolute must for transcribers to handle all the information confidentially. Translators that work on financial projects should also have to sign Service Level Agreements and Non Disclosure Agreements to ensure that financial data is protected. The way in which documents have to be managed should also be secure. Instead of sending unencrypted emails with sensitive financial information to an unknown team of linguist, you can outsource to a trusted translation provider who will have secure translation management systems in place. This way you can be sure that your documents cannot be downloaded or uploaded, but will stay safe within your system.
Outsource financial translations services
It is important that financial firms work with trusted translation service providers like Outsource2india who have experience in working with a wide variety of financial documents in different formats. Since terminology is an important part of financial translation, it is important to choose a team of translators who have extensive know-how and expertise in financial terms. The translators at Outsource2india have expertise in working with financial documents. We can offer you with high quality transcripts even within very demanding deadlines. At Outsource2india, we take security very seriously and can assure you that your documents will be kept secure and confidential, without any infringements on privacy. Find out more about outsourcing financial translation services.
Did you like reading this post? What do you think are the benefits of outsourcing financial translation services? Do you think outsourcing will be more beneficial for your finance firm, rather than in-house translation? Let us know what you think by leaving a comment in the box below. We, at Outsource2india love to hear from you.
Interested to know more?
Latest posts by Editor (see all)
- Top 4 Types of Forensic Accounting Services - December 10, 2021
- What is Better, Jackson Hewitt or H&R Block? - December 3, 2021
- The Future of Digital Marketing: What’s New in 2022? - November 19, 2021