Globalization has opened doors of opportunity for companies worldwide. Gone are the days when businesses were confined to their native markets. Today, companies are seeking novel ways to make a name for themselves both in their native and international markets. And doing so is not possible without the translation of financial documents.
Financial content as well as financial documents form the backbone of any economic activity in an organization. Finance translation services and economic translations are highly important but tough work, as any discrepancy, mistranslation, or even a minor error in numbers could have disastrous consequences for the company’s financial position. This is why it is best to get the help of experienced and professional companies.
But financial translation is not easy for every translation company. Here are some reasons why financial translation is so tough to handle, even by expert linguists.
Challenges of Financial Translation
Tough Terminology
Like the medical industry, the terminology associated with financial translation is tough and hard to comprehend, especially if you are a novice in financial translation. Due to this, companies across the world employ expert financial translators who are aware of the nuances and usage of tough financial terminology. Terminology and other nuances of finance translation services are highly complex, and a translator should have a deep understanding of these nuances. For example, during the translation of a financial document, a translator should be capable of finding translations of intricate words such as “bull market” and “stocks”. Although these terms may seem quite straightforward, they have different meanings in the world of accounting and finance. The same goes for the cryptocurrency field, where words such as ‘mining’ and ‘smart contract’ have a technical meaning unique to that field only.
As a translator of financial documents, the challenge here is to extract the intended meaning of the source text in financial content and translate it into the target language while ensuring the meaning of the financial term stays the same.
Time Constraints
The financial industry houses one of the most important aspects of a company’s financial position–its financial statements and accounting records. These financial statements have a fixed release date and must be presented on time to avoid any disturbances in the financial planning and auditing processes. In addition, deadlines have to be followed strictly, and scheduled dates for financial data releases have to be kept in mind for a smooth financial planning cycle. This is the reason why timely translation is of such importance in the financial industry. The time constraints present a challenge for financial translators, who must work in close coordination with the company and other auditors to manage accurate and professional financial translations on time.
All in the numbers
The financial industry is all about numbers and numerical figures, without which the dissemination of financial information would be impossible. Although many people assume that English is the official language of numbers, this is not the case in the financial industry. Just like in the business industry, where business translation services execute complex translations of business content, financial translators must be skilled at translating numbers and numerical data.
These translators must be aware of the different numerical systems used around the world. For example, the Chinese and Japanese numbering systems vary considerably from the standard ones. Similarly, the numerical figures and names differ across languages. Punctuation is another very important aspect that needs special attention. For example, while the numeric figure ‘1,500’ may be considered “one thousand and five hundred” in English-speaking countries, in some European countries, the comma in the figure may cause people to view the number as “1.5”. It is important for a financial translator to get the minor details right. Failure to do so can lead to serious misunderstandings for all stakeholders. This is because any person who is not well-equippe with financial knowledge is likely to struggle with understanding the translation of these numerical figures.
Confidentiality Issues
Financial translation is all about money and matters of finance. Which are of a sensitive nature and must handle with the utmost confidentiality. The reason is that any breach in the translation of financial documents or errors can cause confidentiality concerns. Which can not only harm the reputation of a company but also cause time delays and waste of resources. In addition, financial documents contain important information for a company and business. And any mishandling of these files can have harmful repercussions for the entire business, possibly leading to bankruptcy. In order to safeguard sensitive information, translators are require to sign a non-disclosure agreement (NDAs). These are legally-binding agreements that aim to establish a confidential relationship and protect any type of financial document. Hence, during the translation of financial documents, translators must give this confidentiality a top priority.
Key Takeaway
Financial translation is a complicated and complex field that requires careful scrutiny and a professional approach to translation. This is because any error in financial translation or a breach in financial information can have detrimental consequences for the client companies as well as their financial resources and position. Possibly resulting in financial losses or even bankruptcy. This is why financial companies should hire expert and professional finance translation companies. To ensure the financial translations are secure, professional, and concise. For more detail visit the best7.io.
