The concept of a program for translating in a smartphone from different languages.
According to the World Bank, small and medium-sized businesses account for around 90% of all global companies. The statistic clearly shows that international trade will result in stakeholders from different regions, and so you should consider partnering with translation professionals to translate required documents for this reason.
These documents include bank statements, balance sheets, contracts, websites, marketing campaigns and revenue statements; you must translate them into your preferred language to ensure that you can communicate with your company’s target audience efficiently.
Sometimes international business regulatory bodies also ask you to submit other translated documents for legal proceedings.
In this article, we will discuss in more detail what are business translations and the seven reasons why they can be essential for your company.
What are ‘Translation Service’ Agencies?
Translating documents into a language understandable by the reader is vital for international business. Your investors and other stakeholders should know about the company’s financial history, international plans, campaigns and any ongoing current activities regardless of a language barrier.
A professional linguistic and translation agency can bridge that gap by accurately translating your materials and documents directly into the required languages. In the United Kingdom, you can work with some of the leading global translation companies, such as ‘TS24, ‘Gengo’ or ‘LanguageLine Solutions’. These experienced agencies have linguistic experts who analyse your company’s documents and content and create accurate language translations. After that, your documents can be also officially certified and shared with you.
The final version of the translated document must be accurate in terms of the following:
- Text
- Numbers
- Denominations
A linguistic expert knows every detail of these documents and will execute the translation job in the given time. Remember that these translation projects require time, especially if you submit a lengthy financial document.
7 Reasons Why Expert Translations are Important for Your Business
Every business is thriving and getting exposed to global industries. That enables business owners to deal with a multilingual environment. First, however, companies must look into their business requirements and then go for financial translation.
The key is to translate your company documents by partnering with a reliable translation agency.
Accuracy
Financial documents contain numbers and text, which makes them more complicated. Even a slight mistranslation can cause enormous problems for your company. You should expect an error-free translation of your financial documents, and the right translation agency will ensure this.
Accuracy is kept intact by considering financial entries and laws throughout the documents. For example, a balance sheet records a company’s assets, liabilities, and owner’s equity. While translating the balance sheet, translators must stay compliant with the standard followed in the region they are translating for.
Similarly, they must accurately translate the denominations and currency separators during financial translation. For example, European Union (EU) currencies, i.e., Euro “€” uses a period to separate decimals and a comma to separate fractions, like 1.000,99. While in the US, the US dollar “$” uses a full stop to divide fractions and a comma to separate decimals, like 1,000.99.
That’s the most basic yet critical accuracy requirement while translating financial documents. Even if there’s a minor error, the outcome can be grave due to a mere decimal separator.
Consistency
Financial translators must remain consistent while translating financial documents to avoid mistranslation. Although your business may expand to other regions, you expect consistency, and a professional financial translation agency will ensure this.
Inconsistency in financial translation leads to financial errors, including:
- Poor cost estimation
- Miscalculated budget
- Wrong calculation
In many instances, it can be too late to identify an error in a translation, which creates a chain of inaccurate outcomes. Professional finance translators must show consistency throughout the translation project to deliver high-quality, reader-friendly documents.
Knowledge
Translating business documents requires a deep understanding of the subject. That includes advanced level knowledge, such as:
- Debit
- Credit
- Accounting laws
- Tax statements
- Business Activities
- Laws within your target market
The translator’s responsibility is to translate all types of financial documents regardless of their complexity. A document can also include legal jargon or can be used in court hearings. This is why working with the right agency is crucial. They will ensure that they only work with accredited, native linguists who are experts in their field. By doing this, you can rest assured that your business will be able to strive in a new international location.
Quality
Some translation service providers often overlook the quality of their work, and the client who ordered the translation faces the consequences. Always ask about how a translation agency will ensure the quality of your work before confirming your project.
Hiring a translation service that doesn’t compromise on quality is mandatory. A professional translation agency will ask for sufficient time, assign the right expert and ask the right questions to ensure the delivery of high-quality work.
On-Time Delivery
Many clients give strict deadlines and expect that you send a high-volume project promptly. You should partner with a professional financial translation agency with sound knowledge and expertise to execute your project quickly and without compromising quality.
Experienced financial translators require an average of 1-2 working days to translate an average of 2,500 words without compromising on quality.
They use their experience and follow a pattern to complete the job before the deadline. However, translating documents with such detail needs sufficient time. Consider giving leverage to the agency you hire for smooth project completion.
Confidentiality
Financial documents contain essential information which must remain confidential. Your company holds these documents and is accountable for their confidentiality. Since you must share such details for your financial translation, ensure the agency keeps your documents confidential.
You can sign an agreement of confidentiality with the agency and ask any questions. You will know the level of confidentiality a particular financial translation agency holds.
Competitiveness
It would be best if you had a highly competitive translation agency to translate your financial documents. Competitiveness refers to the following:
- Professionalism
- Commitment
- Knowledge
- Skill
The translation service provider you choose for your financial documents should have the above competitive factors. You will get an excellent translation service if you focus on competency. A professional translation agency will ensure that their translator will carefully translate each part of the document, which is essential for you.
Conclusion
It’s essential to keep your financial documents available in a language understandable by your business stakeholders and clientele. Some clients might need to look into such information before partnering with you.
You must hire a professional financial translation service provider to ensure high-quality translations, which can only be achieved by researching and finding the best financial translation agencies on the market.
