Why is professional financial translation important for your business?
November 23, 2023
Although English is widely understood around the globe, accurate financial translation is critical to communicate professional and monetary matters in multiple target languages.
Translating financial texts into local languages ensures that global financial operations can be carried out smoothly while establishing and maintaining trust among the target population.
Despite being one of the most important types of translation, financial translation is often the most difficult to accomplish successfully. Therefore, expert-level translation skills are beneficial to properly communicate financial affairs. Poor financial translations can lead to costly loss of international development opportunities for companies.
4 reasons why you need professional financial translation services
Here’s why financial translation plays a key role in the financial departments of all businesses:
The native language is more easily understood
Let’s face it – people are more comfortable reading in their native language. While English is the most-used language for financial operations, it’s still not the best for complete comprehension. If the financial matters are conveyed in the local language, they’ll be clear and coherent for your target audience.
A company’s image may be negatively affected if they cannot flawlessly communicate to their markets with high accuracy and proficiency. Audiences will have a higher level of confidence in a company which provides them information in languages with which they are familiar, particularly one using proper dialects and terminology. For this reason, financial documents should be written in the native language to engage the target audience effectively.
Some organizations spend their money on AI translators. Unfortunately, they’re almost useless for financial translation as they tend to execute “literal translations” which will cause financial terminology to be lost and for nonsensical translations to occur. Proper financial translations should be completed manually by a native translator with extensive financial knowledge.
Numbers are critical
Financial documents are no less important than medical prescriptions and records. During translation, no digit should be added, removed, or changed as it drastically impacts the company’s finances. Financial translators pay great attention to detail as they must deal with decimals, commas, mathematical symbols, currency symbols, etc. Only a reliable translation service business can guarantee accurate and error-free documents.
Consistency of financial terminology
A translator is only capable of handling financial translation if they are well-versed in financial jargon, terminology, and acronyms.
Most linguists aren’t knowledgeable in financial terminology, which is why they sometimes make dire mistakes in the documents. Financial terms and expressions may greatly differ from country to country, so relying on a native translator would be more helpful.
Remember that a bad translation piece may have legal ramifications since all versions of the translation are legally binding – especially when the document is prepared for government or legal purposes.
Quick financial document turnaround times
More often than not, financial document translation is required on an urgent basis. You do not want to rely on a freelancer who keeps changing delivery deadlines. Therefore, an experienced translation service business, with numerous recommendations, is the only reliable solution to translate your weekly, quarterly, monthly, or yearly financial reports.
Freelancers don’t have the resources and expertise to stick to deadlines. In contrast, language services businesses can translate your documents within a very short timeframe.
Are you looking for a financial translation business that can maintain accuracy and confidentiality? We are always ready with our competitive pricing and fast turnaround times to provide you with the best financial translations in any language you need!
WCGI Translation Services
A Division of Woodbridge Consulting Group Incorporated
Simply the Best!
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