A Guide To Financial Translations: Types, Mistakes to avoid and things to remember
Financial Translation — What is it?
The trade, which is the backbone of any organization and eventually every country, is expanding its network all over the world. And with the increase in its worldwide branches and markets, there is a huge need for accuracy in its financial documents translation. And with a rise in need, there are various financial translation services offered by both online and offline agencies.
Language translation services have become a mandatory face to commit in order to maintain a global network of commerce. This service requires an expertise level translator who has specialized in the field of accounts and finance. There are various things that need to be understood while translating the finance documents accurately. There should be a technical expertise and appropriate terminology for delivering documents with high accuracy.
Types of Financial Documents
When companies are spread across the globe, the necessity for developing a wide range of documentation to maintain the teams that manage their industry is very high. So in order to balance the input and output margins, calculate the profit and loss ranges, there needs to be a system that manages all the finance exactly the way they are flowing in the organization. A tiny mistake can create blunders that ruin the reputation and the existence of the organization sometimes.
Few documents that are necessary to be maintained by the organization to maintain its growth are as follows:
· Internal & external communications
· Financial statements
· Market analysis
· Sales forecasts
· Business plans
· Annual reports
· Audit reports
As the rule vary from one country to another country with differences in taxation, payments, and expenditure. So while translating the document, it is very much necessary for anyone to note the differences between the countries financial policies and offer financial translation services along with a better language translation services. Also, there should be appropriate terminology used to build the translated document for making the purpose successful and ease to whoever uses it.
Things to remember
o Terminology While working with various languages to translate the original financial document, one should note that the terminology varies from region to region. A glossary of terms should be strictly followed while preparing and maintain a consistency.
o Regulatory Translation When trading overseas, the translated documents should commute with the targeting market. It is vital to note that the financial translation service utilized should fully understand the regulatory needs in the targeting region. And also, it is highly conversant with the local government that necessarily involves in the business.
o Secrecy As the document content holds financial information of the firm, they are certainly commercially sensitive. And they can be deemed to be confidential. Individuals or team within the company or outside should remember that confidentiality and privacy are the vital elements of any organization where they often sign non-disclosure agreements prior to transferring the data.
o Checklist Every financial translator must and should follow few points while performing his/her tasks.
§ Must be updated with latest regulations and modifications
§ While hiring a financial translator, they should choose professionals for their work.
§ Translator should be detailed oriented with high accuracy.
§ The translator should be detailed oriented with high accuracy.
§ Reputation and Credibility should be maintained while adhering to ethical standards.
General Mistakes in financial translations and avoiding them
1. The punctuation mistake
While looking at the translator’s job, we think it is easier and achievable at lower ease. But in reality, it is the person’s knowledge of both the subjects that were involved. Consider the following example: In India, we take 150000 as 1 lakh and fifty thousand, but in the US the same number is taken as one hundred and fifty thousand. And when translating from Indian to the American market, these kinds of minor punctuation mistakes should be taken care of.
2. Confused Values
Sometimes it is necessary to write the name of the number to make the person who does belong to the target language understands the exact figure. As intercontinental language varies, it is necessary to maintain a glossary that suits the final region of document utilization.
3. Mis-interpretation of numbers
The whole effort of translating is to report the numbers with appropriate sense or meaning. While interpretations go wrong, resulting in panic and chaos within the financial department as well as the markets. Sometimes, the nuances created are much dominant over the global market.
4. Mistranslation of Nuance
Sometimes a bad translation leads to higher degree impacts that challenge the existence of the firm. While translating the document there should be taken care of few vital things that may modify the actual scenario.
5. Grammar Errors
Even the most powerful and the best weren’t immune to translation mistakes. A minor translation error may cost the company, sometimes billions to rectify the same. While translation language plays a major role and hence, there should always be glossary checked and confirmed.
Avoiding mistakes in a financial translation
· Using better tools
Financial Translation online can be a very powerful tool for converting numbers and currencies. Translations can be taken care of by a professional translator while the minor issues can be related using online tools.
· Proofread
Even the best can make mistakes too. So while translating the documents into other languages, professionals from both the languages should verify the translation with proper grammar and glossary for efficiency and accuracy.
· Avoiding pitfall
This is one practice that needs to be followed from the beginning. Number systems must be understood before the translation is started and make a proofread by foreign agencies/ translators. This may avoid the possibilities of errors that may outcome in the translated documents.
· Research before starting
A comparison should be there for both the data before and after the task is finished. If the document is out in the hands of the public, people may be interested in reading it while translating on their own or in the worst case the numeric data. Confirm that your numbers match.
These can be few errors that one might face while translating financial documents into other language targeting the global market. Every line should be well built with appropriate words and maintained with consistency.
The website of a company plays the most important role to depict the face of any company. So the language used in the site must be appropriate to users at different locations. There might be translation errors that mutate the actual meaning of the statement used in the website. Hence, relying on online translations maybe be a risk that we take, unknowingly.
In India, translation of financial documents has played a major role in understanding the global market. While financial translation online can be preferred in some cases with the aid of a professional translator, we at Bhasha Bharati Arts, support the same. We are a team working to translate the financial documents from any European language to English and Hindi with accuracy that clients prefer the most. We also, translate the document to other languages in India and at an affordable cost; we give the clients an agreeable result.
At Bhasha Bharti Arts, our clients were taken care of professional translators for their documents and their website content. Preparing the website for every language that was required and showing it to the users of targeting market. We choose the best to deliver the best.
