09 Jul Financial Translation Services but Certified. When Do You Need Them?
Are you familiar with the field of banking and finance? The young generation would most probably be. Both of these fields belong to the innovative finance industry and therefore there are always products and concepts that need to be updated.
Due to the phenomenon of globalization, companies and banks have headquarters and offices all over the world. Being characterized by bureaucracy, the institutions need to translate their documents into numerous languages. Among all other four categories of translation, financial translation is used to translate such documents.
The finance sector is also an industry that has players and customers from every country in the world. You will find insurance companies, banks, real state agencies, stock exchange firms, and tax authorities almost everywhere you go.
Some of these institutions are local but others are multinationals. For the latter, financial translation is a critical aspect of their business. It is because it enables the content to be translated into multiple languages among the diverse target market.
If you are working in the finance business but are not familiar with financial translation, then you are at the right place! This article will describe anything and everything about financial translation. So, let’s begin!
What is Financial Translation?
Many people are not familiar with the term itself, but the meaning is pretty easy. As the name indicates, financial translation is the translation of financial documents. It is a broad language service used by companies across a wide range of services. Within this classification, financial translation is a special discipline in the field of finance and economics. It has particular vocabulary, concepts, and therefore requires specific knowledge.
The increasing load on the finance sector is making it a necessity. Transactions keep the business world moving and international brands don’t have time for language challenges getting in the way of funds. Likewise, financial companies produce documentation that needs translating for different markets: annual and interim reports, shareholder letters, market reports, and more.
Most of the financial documents are related to the economy, finances, and banking. Financial translations are an integral part of any international business process. The existence and prosperity of a company are impossible without developing financial relations.
And therefore, it is a constant need for financial companies to cooperate with international partners of other countries. To work efficiently with international business partners, it is important to keep the translation of all the finance documents. This is where the need for financial translation arises.
Financial Translation Services but Certified. When Do You Need Them?
The industry of finance operates greatly on the international level, therefore the companies and banking institutions often require translators who can provide their services for the international partners. When you are translating important financial documentation, you often need someone more than a language expert.
You need special translators with great experience and financial expertise. The financial documents are mostly legal documents therefore sometimes they need certification to be verified and more authentic. In the financial industry, companies often demand certified translators for the translation of their documents.
A certified translator is an experienced linguist who has certification from a reputable translation accreditation organization such as ATA. When you have the request for certified translation, it means that you will get a finished product of translation with a signed statement that attests to the accuracy of the document as well.
Certified translations guarantee more accuracy and authenticity. These translations are only necessary for certain situations. For example, legal paperwork associated with trials or hearings often requires a certified translation. Since these documents are highly sensitive, only a certified translator can translate them accurately in the financial sector.
The numerous documents that require certification include annual reports, shareholder information, tax reports, income statements, commercial lending paperwork, banking services, partnership agreement, loan documents, quarterly reports, financial reports, and audit reports.
You should find the right translator who can provide the best financial translation service along with the certification. A good translation agency or company can ensure that they have the best staff that have diverse knowledge and can provide exclusive financial translation service. But it is your responsibility to tell them your target language before the translation process.
Accuracy and word-to-word translation is the key rule in translating finance documents. There is no room for mistakes therefore you need to pay all of your attention to the work.
Even mistakes in simple translation can have disastrous consequences. An example would be if a corporation’s balance sheet has translation errors, it can affect the public’s confidence in the company, and lead to serious consequences. This is why these translations are very complex and pose many challenges. Some of them include:
- The change in the financial terminology is a big problem because some countries are using the words from the modern financial dictionary. For example, there are many terms in the English language which are not equivalent to Russian. If the new term does not match the equivalents in other languages, the financial translator would have to find a new way to define the terms.
- Document formatting is something that matters in some companies and most probably, each agency uses its self-made formatting style. For example, a payslip in the United States will be different from a payslip in France. Therefore, it is essential to have a proper understanding of the formatting style.
- The economic and currency exchange rates frequently vary. It is the responsibility of the financial translator to keep up-to-date information about the currency exchange rates because it can fluctuate the economic conditions in the countries using the specific currency.
- Financial documents are highly sensitive; therefore you should ensure their confidentiality. With such sensitivity, the companies should hire only trustable translators who can work keeping the rules and regulations in mind.
Characteristics of Financial Translation
Translating the legal document is not everyone’s cup of tea. A financial company cannot make any mistakes because it invites legal issues and penalties to the profile of the organization. You will have to reach the standards of the marketing materials.
An excellent financial translation should have the following characteristics:
- This type of translation is done by a specialist in finance. It enables him/her to comprehend the concepts as well. Since the financial sector is very diverse, the translators should be the ones who are specialized in your targeted field.
- To ensure the result and consistency, these translations require double-checking. This proofreading detects the problems before the submission process that saves the image.
- A good translator is unassuming which means if he has a question, he will consult with his colleagues. An arbitrary decision could be right but it can also cause translation errors.
Top 7 Financial Translation Best Practices
For accurate translation, you need to keep these best practices in mind:
- It requires background knowledge; therefore you should be aware of all other types of translation so that it becomes easy for you to translate the legal documents.
- Translators should be aware of their real abilities. It is not beneficial to work in a field that does not suit you. It is like you are wearing someone else’s shoes. Having a brief account of your translation skills enables you to perform more efficiently.
- To maintain a standard, formal education is vital in your specified field. The financial statement and cash flow statements have to be accurate in terms of translation.
- Keeping up with the new financial terms of financial language. It is evident to provides the perfect work to the translation companies.
- Translation memory increases the translator’s productivity. This allows you to store all the data from the previous projects and then use it in new similar projects.
- Confidentiality is as valuable as expertise.
- You should have compliance with the local regulations. If the work you are doing is in your native language, it will become even easier for you to perform your services.