The 5 Secrets of Financial Translation Services
Translation of financial documents definitely requires a specific skill set in the translator in order to do justice to the translation. Apart from Mathematical figures there are terms and terminologies from Accounting Sciences & Finance Studies that are frequently used in financial documents.
The best professionals to do such translation are chartered accountants and financial management experts but they do not have the time to do such translations. Thus, one and all need to approach a translation company that provides financial translation services. The translation services must have a team of translators with a background in accounting and finance studies with a notable experience in handling such serious projects.
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The terms and terminologies used in financial translation is very different from that used in our daily lives. The accounting boards and Financial & Regulatory authorities of a country standardize these terms. General translation cannot be applied on these terms as they are not general terms but special financial business terms. The translator must refer to dictionaries and books on financial terminologies that have been recognized by the regulatory authorities of the country in the target language.
Dates & Time Formats
Dates are very common in financial documents. Be it a bank statement or audited financial and other reports of an organization it will be mentioning dates of various transactions. The date and time formats are different in different countries. A translator must follow the guidelines properly and follow the date and time formats of the country in which the translation will be used. There will be gross misunderstanding leading to rejection of tenders and other permissions if there is a wrong date and time format is used that is not used in the target language and target country.
The translator must be aware of the guidelines and other norms of the statutory authorities of the target country. Various government regulatory authorities in every country regulate finance and they have set certain norms for presenting financial documents. Unless these norms are followed these financial documents are not accepted at any level of the government.
Confidentiality of financial documents is essential for protecting the business interests of the institution and its all stakeholders. A translator or a translation agency must sign a Non Disclosure Agreement with the Company before proceeding to handle their documents.
After translation, the translation must be given to a native finance specialist to read and check if everything is fine. For special care it may be given to two different native financial experts to check the accuracy of translation. Once this stage is over and the recommendations of the experts have been implemented in the translation it must be put up in a board meeting where a human language interpreter must interpret both the source and the translation in front of the board members. If there is any gross mistake in understanding or stating of facts and figures it may be corrected then and there and finally approved for disbursal.