In a globalized marketplace businesses increasingly need financial information to be accessible in various languages. Translating financial documents requires the skills of a certified translator or translation service to ensure the highest quality and accuracy. In the fast-paced finance industry, regulations change rapidly and poor translations could lead to costly mistakes.
In this article, we investigate why an experienced financial translation service is so important for international businesses.
What constitutes financial documents?
Financial data comes in various forms – from company registration documents to sale forecasts, business plans, and tax returns. These business documents are often crucial when it comes to making management decisions or providing information to investors.
Technology has transformed the way in which businesses, including translation companies, operate. This means translators are able to find information much faster, allowing for accurate and timely translations in the financial sector. This way their clients are able to reach a global audience and expand their markets internationally.
Why should your business use professional translation services for financial documents?
A reputable translation agency that specializes in financial translations will not only help your business to process huge volumes of work much faster and more efficiently, but there are many other advantages to using professional translation services to translate financial documents:
Privacy and confidentiality
Companies usually require a high level of confidentiality for their business practices, particularly when it comes to financial matters. Translators and interpreters working for a professional translation service are required to sign a non-disclosure agreement. This gives clients the additional assurance that sensitive or valuable data is safe.
Well-versed in the specific terminology
Financial translators usually come from a financial background or have specific training in this area. This makes them adept at translating complex and detailed financial information aimed at business audiences.
Financial language is more specific than everyday language and getting it right is even more important. Accounting processes are highly regulated and require a clear understanding of financial concepts and terminology. Even if two countries speak the same language, their financial vocabulary may vary. For example, “danger money” in British English is known as “hazard pay” in American English.
Moreover, numbers have a language of their own. For instance, Spanish-speaking, French-speaking, and Dutch-speaking countries are long scale users. Whereas most English-speaking and Arabic-speaking countries use the short scale. In simpler terms, it’s the difference between writing a billion in this way: “1,000,000,000” or this way: “1,000,000,000,000.”
A professional translator will have a good grasp of the unique terminology required by local, regional, and international financial institutions in a specific country.
Attention to detail
The integrity of information on your financial report is only as good as the data that is entered. It’s the responsibility of an experienced translator to pay close attention to the details including names, dates, numbers, specific terminology, and formatting.
Financial translation errors will not only impact the credibility of your business but sometimes bear a cost that could be quite significant.
For example, the United Kingdom and the United States are some of the few countries in the world which use a period to indicate a decimal place. 4,500 means four thousand five hundred and 4.500 means four and a half.
However, in most other countries, 4,500 is four and a half and 4.500 means four thousand and five hundred. This speaks to the importance of financial translation. Great care needs to be taken to avoid capital losses which could be the result of a small error.
Understanding cultural differences
Building strong relationships is important in finance. The efforts you put into translation will make your business partners feel valued and respected, breaking down any cultural barriers that may be getting in the way of good business relations.
One of the biggest mistakes businesses make is to try to save costs by using Google Translate. While machine translation has come a long way in a short time, it still can’t compete with a human translator. This is because a machine fails to convey nuance. A professional linguist is attuned to cultural differences in language to help you effectively communicate and build rapport with international markets.
Language Department is a language service with over 25 years of experience translating documents for the global financial market. We specialize in all areas of business and finance, providing fast, affordable, and high-quality translations in over 60 different languages. Your peace of mind is of utmost importance to us so you can focus on your core business knowing your financial data is in good hands. Need the assistance of financial translation services?
Contact us today to talk with one of our strategists.
