How to overcome the challenges of financial translation?
The financial sector is the backbone of an economy. As the global economy is constantly changing and evolving, the financial industry will grow and continue to thrive. With increasingly fierce competition, financial companies need to work on their credibility and transparency to become the preferred choice for customers.
Like many other industries, effective translation and localization is very important to the banking and financial industry and that is where professional financial translation services can help. you solve!
The importance of financial translation
To drive growth, small-scale industries want to keep their businesses growing not only within the country but also beyond the foreign market. Regardless of the size, small and medium enterprises aim to reach out to the international market.
However, if not unified and stable from the beginning, the general ledger as well as the company's documents will really become a mess, causing false information in the foreign market out.
Financial terms in one country are not applicable in another; This leads to language barriers. To overcome the language difference, international companies are forced to use translation services. It's a place that can help companies a lot. Some documents such as administrative processes, income statements, balance sheets, financial statements, etc... always need to be translated accurately and without any errors.
Most companies that aspire to establish a strong foothold in foreign markets need to have a stable financial department. To be able to present business reports in the same or different time zones, financial translation is done so that companies can capture their target customers.
Ways to overcome the challenges of financial translation
Translators often face a series of challenges in the translation process. Financial documents are very important and the translation of these documents requires absolute precision. To be able to do so, some of the steps below can be taken to mitigate the risks in the financial translation process:
1. Word choice
Every industry requires an expert in that field to understand and understand the terminology used in the field they are working with. Financial terms need to be translated with absolute precision. Absolute accuracy is very important, so translators need to be careful with the choice of words used in the document to be translated.
Translators need to pay attention to the context in which words are used. Maybe that word fits the context in one country, but in another, it has a completely different meaning. For example, the sign to separate different numbers in some countries for example 2.000 can be read in US English but in European contexts it can be read as 2.0 or the use of the currency may also be different. You might say 10 billion in American English while in British English you would call it 10.000 million.
2. Maintain confidentiality
Financial documents of any business require high confidentiality. Henceforth, the term “insider information” is used to indicate the importance of document confidentiality. Therefore, the translation company needs to be very careful in the confidentiality of customer information.
In order to prevent the leakage of any confidential information, NDAs (confidentiality of information agreements) are signed ensuring the translation company and the translator are bound to the agreement, if the agreement is breached. somehow the translation service is solely responsible and may be sued by the customer.
This makes customers rest assured that the information provided will be absolutely confidential.
3. Comply with the regulations of the domestic market
Regulatory compliance is an important issue especially if you want to do business with an overseas company.
A company's financial statements are subject to local laws and regulations. Financial translators need to understand the importance of governing rules. They must be aware of local rules and intricacies in order to deliver the most appropriate translations.
The position of the clause in the translated content may be more or less changed compared to the original document. Similar to the case of punctuation, some clauses and symbols of one country may not apply to another.
4. Ask for an expert in that field
Translating with diverse topics certainly brings certain challenges for translators. Some translators who are experts in the field to be translated will become the client's preferred choice. Financial documents belong to professional documents and therefore a financial professional will understand and translate documents with absolute accuracy.
To avoid mistakes, experts in a particular field are important to the translation company. A skilled translator, familiar with the terminology of financial documents is the best choice for financial document translation. Therefore, to avoid any errors in the translation, a skilled translator is always preferred.
5. Use the right terminology
Translators need to pay special attention to the tone and wording used in financial documents. As regulatory financial terms are constantly changing from country to country, translators need to make sure to use words that match the terms.
It is important to follow the financial regulations to give a translation similar to the language. For example, the term "common stock" in the United States is often referred to as "common share". “Capital” is a common term used in most countries while in Russia “share capital” is the correct term.
One thing to remember is that due to the difference in terminology financial terms are not translated word for word but must be tied to the specific context.
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6. Time constraints
The world situation is constantly changing and time waits for no one. To compete with competitors, businesses need to choose financial translation services that operate quickly and efficiently.
For the translation company, all necessary research should be done before starting the translation process; This saves time and effort to translate documents. To keep up with the race, it is important to prepare a suitable work plan.
Choosing an effective translation company is extremely important. Usually financial documents require constant updating, so financial translation companies need to work tirelessly around the clock to meet the deadlines and progress of financial translation documents.
Financial translation is different from simple document translation and to get perfect results, you need to hire a reliable translation partner with specialized knowledge, leading expertise and seasoned. experience in translation, as well as the above article is about 6 best financial translation tricks.
Idichthuat leaves translation company specializes in financial translation services will be a perfect choice for your business. We are committed to on-time completion, no matter how long the project takes. Let's contact Idichthuat For more details!
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