If you want to know about financial translation and how a translator works with relevant documents, you have come to the right place. I am going to tell you about the challenges of financial translation. An experienced translator is ready to help you now.
When dealing with numbers, details matter a lot. A comma in the wrong place changes everything. It also works for financial translation. Financial documents have numbers. Therefore, figures should be shown in the right way for the target jurisdiction.
In English-speaking countries, decimals are separated by a full stop and thousands by commas. But it is the opposite in other countries. If someone does not identify this, it can lead to colossal mistakes. For instance, a balance sheet in Europe begins with long-term assets and liabilities. It is arranged oppositely in the USA. Even if terms are translated correctly, not following a specific regional method can produce a strange result for the end reader. If it has appeared, it will result negatively in the company’s image. Subsequently, a less-than-professional image can have serious implications.
The IFRS requires using precise terminology. The terms have to be consistent across all the text. Besides, there are other standards and jurisdictions. They also can have their own requirements. Using the wrong term can mislead the end-user of the document.
Money speak their own language. Translator helps you to understand it
The financial industry has its own language in every country. Besides, financial terms can significantly vary from country to country. For instance, the English “stocks” refers to both reserves of goods or components. Further, financial regulations also differ by country.
The European Union has harmonized financial and accounting rules (IFRS). These standards are guidance for large companies in the E.U. Also, there are other regulations outside of Europe. For example, it is Generally Accepted Accounting Principles (GAAP). They are used in the USA. If there is cooperation between a company from the USA and a company from another region, it requires preparing specific documents for the U.S. Securities and Exchange Commission (SEC). It involves the translation of some data.
Features of financial document translation
A financial document contains specific words and their synonyms in the target language. So, a translator needs to maintain consistency in the terminology.
For example, buying a foreign company, a buyer may need the information to be translated within a short time. Ensuring there are no errors in the purchase valuation, a document must be correctly translated. In that event, it is vital to rely on accurate translation services.
Translating financial documents, a translator faces specific challenges. They are based on terminology words in an economic context. A translator needs to adapt the meanings of business terms to the requirements of the target region. So, for a better service, a translator must know:
Abbreviations used for financial markets, and I.T.;
Multiple concepts of lexemes, phrases, word combinations;
Differences in terminology for America, Europe, Asia;
Economic and political relations between countries;
Style of financial material for the target language;
So, a translator should be careful in translating a financial document from one language to another. For example, a translator is doing financial translation from English to Russian. There is another situation when you need a financial translation from German to Russia.
For instance, the insurance documents contain information relating to human health, life, assets. So, a translator takes into account appropriate cultural differences and overall context. It requires finding a translator who enables you to extend your reach to markets across countries. As a result, you can communicate in the same language as your clients. Subsequently, it will build an essential trust to establish long-term client relationships. By reaching clients with translated content, you can effectively attract new loyal consumers.
Types of financial documents for translation
Translating the financial text into Russian or another language, a translator must have two essential skills. They are accuracy and strictness. Besides, a translator has to understand financial terminology and the relevant applicable regulations. Any mistake in this industry can cause tremendous consequences.
For instance, if a translator did an incorrect financial translation of insurance documents, a client whose contract was incorrectly translated may lose some of the rights. Also, a company can lose clients. If the material has poor-quality financial translation, it can hinder a client to properly understand document content. As a result, there is a negative influence on the final decision of the client. So, to entrust with financial documents and ensure the quality of financial translation into Russian, it is imperative to find a trustworthy translator. Further, you can find a list of financial documents that need to be translated, given your business needs. They include the following items:
Key investor information documents
Investments and economic agreements
Investment fund reports
Risk management and asset management documents
Texts concerning mergers and acquisitions
Role of financial translation for economy
Finance refers to banking, capital management, and investment activities. Indeed, they all are conducted by legal persons or private persons to generate specific profit. Also, the finance industry consists of personal finance, public finance, and business finance.
Mergers and acquisitions are driving the increased demand for financial translations. For example, if an American start-up considers buying a competitor in Russia. After all, financial translation is required necessary information should be translated into English. Accordingly, a start-up can make the right decision.
International companies run operations globally. Therefore, they prepare business plans, sales forecasts, reports, and analyses for submission to local management. Also, they generate documents to headquarter. Due to different accounting practices by regions, a translator must render meaningful and accurate documentation to the end readers.
Financial institutions depend on translation services to ensure information is translated accurately in a foreign language. For example, the translation of income and expenditure reports, analyses, and international business agreements must be done meticulously. As mentioned, financial documents play a crucial role in the activity of companies, individuals, and public institutions. The finance industry has unique terminology differing from daily life language and from local languages.
As we live in a globalized world, banks become global financial intuitions. Therefore, they need to target and capture the client`s attention. To develop and grow, banks need to expand their market share. In that event, bank transactions, business reports, annual profit statements, trade agreements, and shareholder reports need to be translated into the target language. And I can help you to adapt your financial documents into Russian.