My colleagues at the busy translation office were privileged to work with a wide variety of clients and clients, all with different needs and needs. During a normal day it would be fair to say that no two tasks are the same. One area where we receive a large amount of requests is in the area of financial translation. The financial translation refers to a wide area of translation of financial documents. This may change from financial reports, technical terms and conditions within financial documents to excel tables detailing the company's income statement. This is a service that can be required by both individuals and organizations. Large organizations seeking representation in foreign markets may need to translate the financial statements of the potential transaction; the same way an individual may need to translate their own financial data if they want to move or make a substantial purchase in a foreign country.
Like all areas of translation, the accuracy of financial translation is greatly improved by the native language linguist who has the skills and experience in the financial sector. In general, a good financial translator holds some financial / business qualifications, such as an MBA, accounting qualification or counseling qualification. Before choosing a financial service provider as a translator, you need a number of factors. This article examines the issues that may affect the choice of suppliers and the things that need to be considered before starting work.
Financial translations often involve private and confidential material. The material may be published up to a specified date, but the previous release is forbidden. It is extremely important when determining who is using the translation supplier so that your chosen service provider can meet the requirements of confidentiality and non-disclosure. Instead of an agency, instead of a custom translator, it may be useful. Agencies generally have access to multiple suppliers and are able to handle multiple documents. There are likely to be confidenced agreements with suppliers that regulate the publication of work, so you only have to provide a confidentiality agreement for the entire project – you and the agency. The other obvious advantage for the agency is that the Agency can handle multiple documents in multiple languages.
If documents are repeated many times, or there are clauses (such as conditions) that must be repeated at certain intervals within financial documents, it is worth knowing whether the proposed supplier can handle translation memory. Translation Memory (TM) is a software application that looks for duplication in a document and asks the translator to use this duplicate text again and again. One of the great advantages of using TM is to help you with your document consistency and reduce the overall cost of your project.
Using translation memory, it would be worth examining whether proposed suppliers have access to the appropriate financial dictionaries. The financial industry uses a number of complicated terms, anachronisms, and phrases that are not widely used outside the industry. That is why it is important that the entrepreneurs of the payer not only know this terminology, but also have access to the resources that explain what they mean. Simply speaking, some terms of Googling are often insufficient to get the required definition and a good translator can gain access to a wide range of vocabularies in their field of expertise.
Another key consideration already made at the beginning of the play is the use of qualified translators. Professional translators are often specialized in a specific field, and a qualified translator has not only a language qualification but a vocational qualification. As described, the typical qualifications of financial translators may include MBA or accounting qualification. Before choosing a translation service provider, it would be advisable to consult with them to find out what kind of qualifications are available to financial translators.
As mentioned above, if your mandate is rather long, you might want to use an agency to favor a custom translator. Your project may be required in multiple languages, or output is required for a particular file type, such as print ready or in XML. Here an agency is likely to benefit from access to resources and generally handle multiple file types in multiple languages. It is worth confirming that the language provider you choose is able to handle the given file types, and in-house resources can provide the format you want.
For persons whose financial documentation must be compiled for legal / compliance reasons, I always suggest that you confirm the requirements of the organization requesting translation. For example, if you move to a foreign country and some of the bidding process requires that bank statements have to be translated, it is worth confirming how many statements are required (eg, all numbers in the document or just the text). It may also be necessary to receive documents and certification, all of which may increase the total cost of the order.
Financial translation is a wide-ranging field of expertise in the translation industry, and if a specialist is a financial language expert. Finding the right supplier that suits your needs is key and as we illustrate before purchasing the right supplier, it is worth strengthening the scope of your needs and the compliance of the proposed supplier with these requirements
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