Accuracy is key in the finance industry. So, when it comes to working internationally, documents need to be clear. Today, we’re looking at when and why financial document translations are needed.
Who needs financial document translation?
Financial documents might need to be translated for a wide range of reasons. For example, legal obligations, hiring policies, and investment deals might dictate which documents should be translated for international business.
It’s important to work with professional translators for any financial documents. This is because the finance industry relies on precision. Even a small error could be extremely costly or cause the company to seem unprofessional.
Financial document translation is complex
Finance is a broad industry with highly specialized niches. When it comes to documentation, this means there is a lot of subject-specific terminology and many niche concepts involved.
What’s more, industry standards, document formats, and more, vary between countries. This adds an extra layer of complexity to financial translations.
The skillset your financial translator needs
1. Niche knowledge
Translators need to understand not only their own language and the target (translated) language but be able to easily deal with financial concepts as they translate.
This might involve in-depth knowledge about tax systems, financial reports, legal documentation, and more, for more than one country.
2. Attention to detail
Even the smallest details are vitally important when it comes to financial document translation.
For example, in some countries, dots in numbers represent thousands. In other countries, they represent units (e.g., cents). Meanwhile, false friends are words that sound the same in two languages but actually have very different meanings.
3. Quality control
All translations should be subject to quality control measures. Clients are often unable to read translated documents themselves, through a lack of language skills and/or limited time.
Professional translators should be able to implement stringent quality control measures no matter whether they are working on a short website campaign advert or a long financial document.
Using the right vocabulary can be challenging. It might be that the word doesn’t have a direct translation in the required language, that terminology is evolving, or that a specific tone of voice is needed.
Choosing the right terminology is key, but it needs to be used consistently. This means that the translator must use the correct language throughout their work, so that it is coherent, correct, and doesn’t confuse the reader. A terminology management system (like a glossary) helps translators with this.
Working with a translation company
So, a high level of expertise is needed for financial document translation. This can be difficult to find when working with an independent translator.
At Future Trans, we have a strong network of talented professionals who we work with to create the highest quality translations. Our team includes project managers, too, who play a vital role in managing streamlined processes.
We can provide one-off translations or manage your translations for you. We were founded over 25 years ago and have since grown our content translation services to become a partner for brands of all sizes.
Please reach out to our team and we will call you back shortly to discuss your project.