When you work in the industry of finance, or if you are part of the financial division of a company or business, you will encounter a lot of industry-specific terminologies. This jargon may sound all the same to a layman but experts know that each word is very specific and precise. Thus, when translating financial documents from one language to another, it is crucial that the translator possesses expertise both in the languages involved and in the particular subject of the document being translated.
Financial translation essentially refers to the translation of any document that is related to finance, banking or the economy from one language to another. There is a vast amount of financial documents that are frequently subject to translation like business reports, contracts, fact sheets, sales projections, cash flow statements, prospectuses, sales brochures, and many more.
Hiring a professional to translate your financial documents means extra spending for the business. In fact, finance translation usually cost a lot more than the translating of regular documents because of the technical nature of the task. Because of this, some business owners are tempted to just try to do the translation on their own in order to save funds.
It sounds reasonable at first but there are so many things that could go wrong if a non-expert tries translating any document related to finance. Following are some of the most notable reasons why it is always better to hire a professional for these kinds of tasks.
Financial translation essentially refers to the translation of any document that is related to finance, banking or the economy from one language to another.
Numbers are universal but the words that we use to refer to them vary greatly from country to country. In the area of financial translation, it is crucial that you use words that are not only semantically correct but also appropriate and accurate in terms of financial context. Most translators that are experts in finance will coordinate with company representatives to ensure the synchronization and consistency of terms across the different languages.
Business transactions that span different regions or countries are usually subject to government approval based on regulatory compliance. For instance, other countries that wish to partner with a US firm will have to file finance documents in English to the Securities and Exchange Commission. Also, there is such a thing as International Financial Reporting Standards that all companies must abide by when preparing all their financial statements.
Even a slightly misaligned translation of a single word in a financial document can lead to massive legal ramifications for the business. In order to avoid such problems, you should only trust an expert financial translator who is well aware of all the regulations and standards in the world of finance.
When working in an international business environment, you need to be able to present a fully professional image for your company. One of the ways to do this is by making sure that you have impeccably written finance documents in the language of each country where you offer your services. This is particularly important in the present age where global commerce is on a steady rise.
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All finance documents are supposed to be highly confidential. As part of the terms of a professional translator’s contract, they are bound to secrecy and are legally prohibited from disclosing any of the contents that they see in your company’s financial papers. If you hire an amateur to translate your documents, it is very hard to guarantee that they will respect the confidentiality of your files and reports.
Because of the sensitivity of the task of financial translation, companies must be very meticulous in choosing their language service provider. You want to find someone who can raise your professional reputation among potential business partners and clients in the international market. At the same time, you must also ensure that the translation complies with international and regional regulations.
Many businesses today are aiming to expand their horizons and target the global market in their specific industries.
Naturally, you should only work with a translator that is highly proficient in both the source and target languages, not only from an academic standpoint but in practical application as well. They should be able to submit a document that reads naturally and is easily understandable by the target audience.
Just as important as being fluent in the language, the translator should also be skilled in the particular financial area that the document is about. They should have a complete understanding of the topic, preferably with several years of experience, so that they can give you a professional and well-written document.
Many businesses today are aiming to expand their horizons and target the global market in their specific industries. Along with this current trend, there has also been a rapid rise in the number of translation service providers that you can hire for your business needs.
If you want to maintain an excellent professional image for your business while making sure that your international finance documents will always be in order, you should strongly consider the services of Circle Translations. Based in Lithuania, this professional translation agency offers superior translation services in more than 670 countries around the world and has highly trained experts that can convert your documents into more than 120 languages.
Circle Translations specializes in the translation of all kinds of finance documents. For almost 5 years now, big clients all over the world such as Amazon, Binance and Sunrise Medical have been trusting in this provider’s experts for all their translation requirements. If you want to be among the leaders of your industry in the international market, the services of Circle Translations can definitely help you out.
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