The basic principles and terms of localization and financial translation require specific knowledge on the subject. There are four types of translation, you may say: literary, commercial, skilled, and trial. Financial translation is a specialized discipline under these classifications in the field of economics and finance.
Owing to globalization, the requirement for localization services is rising. It’s also not restricted to large multinationals. Today small and medium-sized enterprises (SMEs) market their brands in foreign nations in such a scenario contracts should be fully interpreted in their respective languages.
You generally face various challenges when you translate finance-related material, which makes the translation job very tedious. That’s why you need a professional to localize financial content. Here are five reasons why your financial translation services need to be outsourced.
Specialized Translation for Specialized Content
Financial documents differ significantly from technical or marketing materials. Compliance documents, financial statements, corporate communications, procurement & acquisition papers, and pricing sheets are all different from other content types, as each type of document has its challenges. This is where you need the expertise of a skilled translator who can deal with and accurately transcribe such diverse financial records.
Specific Translation For Diverse Documents
In terms of financial documents, accurate and reliable transcribing language is a challenge. The transcriber should have a sound understanding of how specific terms are used in several countries in order to successfully localize financial documents. It is also critical that documents are transcribed in the same way through different sectors to ensure accuracy in the translation.
Major Role Played by Numbers
One thing is to ensure that financial terms are translated consistently, but yet another thing is to ensure that numbers are indeed transcribed accurately. Translators while translating a financial document are not allowed to delete, insert or switch any amount in a financial document inadvertently, as this would make the whole document incorrect. They must also understand how dates, currencies, and decimals are used in various countries in financial documents.
Meeting Strict & Short Deadlines
Financial reports ought to be published quickly in the business world. In this situation, firms ought to be prepared to translate large amounts of work efficiently and accurately. Working on fixed dates for financial statements or income reports may place immense pressure on your resources. On the other hand, a financial service provider would be able to function in compliance with the finance firm’s calendars.
Absolute Confidentiality a Priority
Since financial firms deal with confidential information, from their clients as well as their own company, it is an absolute must for transcribers to handle all the information confidentially. Translators working on financial projects will also have to sign service level agreements and non-disclosure agreements to make sure financial information is protected.
The system in which documents are to be maintained must also be secure. You can consider outsourcing to a localization services provider who will have secure translation management systems in place instead of sending unencrypted emails with confidential financial details to an unknown linguist team.
On the Whole
Details matter when dealing with figures, everything changes with a comma in the wrong position or one more zero especially in financial translation. A slight change in interpretation may have a major effect on business. Take no chances, do not.
Contact us today if you feel outsourcing would be more effective for your finance business than in-house localization! We can serve your expectations not just in terms of cost, time, and quality, but also in terms of security.