A complete guide to finance translation
Posted on 21 March, 2023 by Devnagri
In dynamic sectors like banking, finance, and economics, continuous new developments appear like new terms, products, and concepts. Sometimes it’s hard for even financial experts to keep up with all the changes.
However, financial translators should keep abreast of these innovations in the field. Hence, finance translation is a complex task that requires language proficiency, financial expertise, and years of experience.
What are financial translations?
Financial translation translates financial documents from one language into another.
It deals with documents connected to banking, finance, and economics, including income statements and balance sheets.
Some examples of financial documents are:
- Investments
- Larger corporation
- Insurance
- Tax & Accounting
- Real estate
- The finance industry includes many industries
Why do you need financial translations?
Businesses have established English as the most common language. However, many companies with outlets in different regions of the country where various languages are spoken cannot rely on English as their means of communication.
In such cases, financial translations and interpreters ensure that internal & external communication runs smoothly and passes the information equally to all offices. Hence, financial translations are essential for every company that wants to expand its business or has already made a move.
Challenges of finance translation:
Like any other field, finance translation has its challenges. Today, we will focus on 4 of these below to know the importance of hiring professional financial translation solutions.
Local regulations:
Finance translators must have enough knowledge about the market rules and regulations of the country and keep up to date with any changes because it ensures legal issues do not stem from these translations.
Terminology:
The finance industry has its specialized vocabulary or lingo. Translating financial terminologies requires a thorough understanding of the sector and the context containing specific terms.
Several financial terms share their spelling with commonly used words, which can confuse them. For instance, the word “stock” can refer to goods in a warehouse or capital raised by an organization, and it has various meanings outside the financial sector.
Another difficulty when it comes to terminology is consistency. Poor consistency can lead to harmful effects on the business in question.
Confidentiality:
Financial translators must maintain confidentiality. It becomes a challenge when you need to translate documents into several languages. So, it is crucial to work with a reputable finance translation company.
Numbers:
Numbers are the most vital thing in finance documents. Most of us are familiar with the decimal numeral system, but it is essential to note that there are differences between English and other languages. For instance, a decimal point separates decimals in English. But in French, Spanish, and German, use a comma. Furthermore, there are differences in date formatting and currencies to consider.
Conclusion:
As you have seen above, a lot can go wrong with finance translation, so one has to be extremely careful when getting financial documents translated. However, professional finance translation solutions offer you the accuracy and speed needed to keep up with the updates on the market and position of your business.
Source: A complete guide to finance translation