Miss No Opportunity with Financial Translation
When trying to translate a business’s success, money talks. And you need to ensure your reader is able to understand.
English is the most widely spoken language in the world — proficiency of its speakers aside –, being spoken in 101 countries, and ahead of Mandarin and Spanish. However, no matter their proficiency of English, their own interpretation of the English language, as well as that of their native tongue can drastically influence readers’ understanding of what is being said and can influence decision-making. This is referred to as “The Foreign Language Effect”.
Translated financial documents can help strengthen relationships and increase trust amongst potential clients and consumers. People naturally absorb more information when it is presented in their native language, making it imperative that when communicating to an international audience, your financial documents are accurately translated.
Multinational companies are at every corner of the globe, and a key component of their continued growth is generating strong and well-informed business plans, forecasts, reports, market analysis, and more for their target markets. As accounting practices and laws differ from country to country, an expert in financial translation services is necessary to help maneuver through these regulatory frameworks. This allows businesses to do what they do best, and translation experts can in turn, work their magic.
Challenges to Overcome
Translations in the financial industry come with their own unique set of challenges.
Vernacular language and regional differences in language differ largely from place to place. As such, the original intent of content needs to be carefully considered when translating, given that these sensitive documents are legally binding. Financial translators understand that specific terminology must remain consistent across all of a business’s financial documents, and must comply and stay up to date with the International Financial Reporting Standards, issued by the International Accounting Standards Board. This is where Language Department’s Translation Memory makes all of the difference, and is an ideal tool to help maintain this consistency across a company’s projects.
Financial translators understand that the mere mistranslation of a currency, a typo or even misplacing a decimal or comma can be very problematic if not detected, and potentially render a financial document completely inaccurate.
Financial translators face tight deadlines, often working to translate financial reports and documents as soon as they are released. The ability to work under large amounts of stress, producing high volumes of translations with precision accuracy is imperative.
More Than Just Numbers
When considering financial translations, a business should consider additional, complementary opportunities to reach their target audience. A localized website provides foreign investors with accessible information about such business, and translating marketing content enables your business to reach the corners of the world.
Words of Wisdom
Human translators are highly recommended when wanting to ensure that your important financial documents are accurately translated. Machine translations should ideally be avoided, if possible. Unlike human translators, machines cannot comprehend and effectively interpret financial terminology. Small errors can be very problematic and potentially lead to legal problems in the future.
Experience matters. Financial translators are subject matter experts. They are professionals with hands-on experience, working with reputable financial institutions; preparing and handling documents similar to the ones they now translate. Translators with a degree in the financial sector have a deep understanding of the numbers on a spreadsheet, are much less likely to make a mistake, and have a propensity for spotting errors when the numbers simply don’t add up.
Your business’s peace of mind is of utmost importance, rest easy knowing your financial data is in good hands, with Language Department’s expert translators able to translate your documents in over 60 languages and help you reach a global market. Do you need the right tone, local nuances, and messaging for your next international project? We’ll give you a penny for your thoughts.
Contact us for your FREE quote to get you started on your journey.