Globalization has always been music to the ears of the financial services industry across the broad diversity of its sectors ─ from banks to credit unions, savings and loan associations, investment companies, insurance companies, mortgage companies, etc.
For all these financial organizations, globalization means the need to translate their financial content into as many languages as the various markets require. But we still have to answer the question: why are financial translation services very important or financial organizations and finance departments in all businesses? We can list two reasons in this regard.
1. Native Language is the preference of everyone: Let’s admit it from the very outset. Though English is the most widely spoken language, everybody wants to read necessary financial materials in their native tongue. It’s a rule. If you’re going to engage with your target audience effectively, speak to both their hearts and minds in the very language that defines their national identity ─ their mother tongue.
2. Translation Spreads Your Message: With financial translation, especially when carried out by a professional financial translation agency, your company’s message will be passed to thousands, and probably millions, of prospects with multiple languages and cultures.
With this in mind, it becomes clear that delivering a professional financial translation service can by no means be left to freelancers. These amateurs will certainly produce financial documents that are full of errors that may cause severe damage, including legal consequences, damage to the brand image, as well as financial implications.
So, is it really, it is mandatory or just advisable to seek expert translation service providers? Let’s dive deeper.
Why is Partnering with a Financial Translation Agency a Must?
We have to resort to an expert translation company for translating all types of financial content. As for the reasons, there are many, but let’s mention just 5 of them.
When it comes to the finance industry, documents often need to be released as quickly as possible. You can’t translate large volumes of financial materials in weeks, such as quarterly reports or financial statements, inside your company. Therefore, a successful financial organization, and any business in other industries, would naturally seek the help of a financial service agency that has the resources and expertise to stick to the required deadlines.
Translating financial documents is a highly challenging task. No doubt translating such documents as price sheets, financial reports, compliance documents, merger and acquisition materials, is different from translating literary text. Besides these files are usually put in various formats such as Excel, PDF, InDesign, or Word. Therefore, you’ll need the specialised skills of expert translators who can work with these multiple financial documents professionally and accurately.
Linguists who translate such documents as quarterly reports and financial statements should be well versed in using the specific terms of the financial domain, not only in one country but also in multiple countries.
Besides, these translators have to maintain consistency so that the specific financial terminology is translated in the same way across different types of documents ─ annual, monthly and quarterly financial reports.
Moreover, translators who specialize in finance should be able to comply with the rules of the International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB) as well as the regulations passed out by the European Union.
The translator must be up-to-date with IFRS changes since all translated versions of financial documents are legally binding.
Importance of Numbers
The translation team should make sure that the numbers inside the financial document are accurately transcribed. The general rule is that translators shouldn’t be able to accidentally add, delete, or move any number in the financial document, or else the entire document will be inaccurate and useless. Moreover, translators have to take into consideration that decimals, dates and currencies must be used differently in different countries so that they may be used consistently all through the document.
There’s no question that financial documents usually contain confidential information, and thus financial translators must handle all the information with ultimate confidentiality. Importantly, all translators who translate financial documents have to sign Service Non-Disclosure Agreements to ensure that financial data is protected.
How to Choose Your Financial Translation Service Company?
There are many criteria for choosing the financial translation agency that will partner with you to make your documents available to multiple audiences. However, let’s have a look at the most important ones.
Financial Expertise: You should choose the translation service company that has rock-solid, extensive expertise in the financial industry.
Process: Importantly, you should get to know your translation partner’s translation process. With this, you can understand their abilities and potential, and whether they’ll deliver a quality translation.
Technology: You have to make sure that the translation agency leverages the latest technology in the field of translation, including advanced CAT (computer-assisted translation) tools to ensure speed, quality, and consistency.
At LatinoBridge, we combine 15 years of experience with our specialized expertise in the finance sector to deliver fast financial translation services while maintaining accuracy and confidentiality.
Our professional team of native translators, who are versed in finance and management, translate a diversity of documents, including annual financial statements, audit reports, management reports, annual and quarterly reports, shares and shares reports, balance sheets and other finance documents.
Our exclusive formula for meeting the requirements of big players and small organizations in the finance industry comprises professionalism, competitive pricing and fast turnaround.