Over recent years, globalisation has accelerated, with better, faster digital technology allowing companies to connect, interact and do business worldwide. For example, in today’s climate, it is not uncommon to source your raw materials from Saudi Arabia, engage manufacturers in the USA and sell your products all across Europe. However, to work with these global partners, contracts and terms and conditions need to be drawn up, purchase orders produced, and marketing brochures created. There will be annual and interim reports, shareholder agreements and company profiles to present to your global teams. To ensure complete understanding, a company needs to translate this information into the native language of the reader.
When sourcing a financial translation provider, there are a number of essential capabilities that they should possess to ensure their delivery is successful. Below we reveal 7 of which we believe are the most important.
1) In-market, financial expertise
When dealing with the financial side of your business, staying on the right side of all the country-specific regulations is essential. In the case of tax assessments or statements, these documents come with a legal obligation. Accurately translating your information while localising the content to take into account the specific regulations of the target market requires the expertise of a specialist. From financial reports and price sheets to merger and acquisition documents, the linguists working on your files should have the relevant financial experience and in-depth knowledge of the procedures and expectations in your market.
2) Meticulous attention to detail
It goes without saying that financial documents will include many numbers, and precision in conveying these numbers correctly in the target language is vital. Different languages format their numbers, such as currencies, in different ways, and tiny details, such as a missed digit or incorrect decimal point, could lead to problems on a much larger scale.
3) Financial-specific terminology
Terminology in the finance industry is much more complex than everyday language. Furthermore, financial terms can sometimes have different meanings in different countries, making it even more challenging. A financial translator must understand these terms and be able to use them accurately and in the correct context.
Financial translation also requires consistency, with terms being translated in the same way throughout the document and often across multiple files. A good way to ensure this consistency is by the translator working with translation memory software. This tool stores and organises source words and phrases and their translated partners and provides ‘matches’ when the same source phrase appears again. Not only does this support the consistency of the translator’s work, but it also enables more efficiency in the translation process.
4) Impeccable confidentiality
Financial documents nearly always contain sensitive and confidential information. Therefore, a financial translation provider must be trustworthy in upholding this confidentiality and have robust data sharing protocols within their company to avoid any leaks.
Businesses work to deadlines, whether it’s submitting a tax calculation, providing data for a sale or presenting financial information to shareholders. Furthermore, sometimes the turnaround times can be short. A financial translation provider must have the capacity to work to these deadlines while still providing a high-quality, accurate translation. Failing to do so could jeopardise the company’s activity.
6) Up-to-date knowledge
Financial regulations are frequently updated. A financial translator needs to stay abreast with these changes in the market and reflect them accurately in the translation of your documents so they are correct and abide by these changes.
7) Competent IT skills
Financial documents can take a number of formats. While many files may be in Word, other information may be presented in Excel or PowerPoint or use more specialist reporting software. For an efficient translation, financial translators should be familiar with these platforms and be able to use them to create a translated version in the format the client requires.
Mission Translate only works with native, in-country linguists, who have proven financial expertise, and leverages the latest translation memory tools to provide our clients with the best possible time- and cost-efficiency. Our dedicated and highly experienced project managers implement ISO-accredited quality assurance processes to provide the utmost accuracy in all our translations and have established workflows in place to ensure a first-rate, seamless project management experience.
Please get in touch with our team at [email protected] if you’d like to discuss your next project.