Financial translation: each word is worth its weight in gold!
Without a doubt all translations require maximum accuracy from a translator. But when it comes to financial documents like accounting, internal documents, study results, analytic reviews and more, the translator bears double responsibility, because financial flows constitute the life’s blood of any business. Correct interpretation of a text often determines the outcome of major foreign trade transactions. A professional linguist making a business translation becomes a key person in this situation, and having a high level of knowledge of financial terminology is the major professional asset.
Why translate financial documents?
The number of Russian companies and entrepreneurs willing to engage in foreign trade is growing with every passing day. For this very reason, translation of articles on economics and financial commentary becomes more and more popular nowadays: our compatriots actively study foreign rules of the game when entering the global market.
On the other hand, in order for the foreign business partner to make the right decision during negotiations, a Russian company needs to have a complete and accurate translation of its financial documents showing the results of marketing, economic, financial and statistical studies on their domestic business.
Moreover, terms and conditions for business cooperation with major brands include mandatory accounting according to GAAP standards (Generally Accepted Accounting Principles) and preparing financial reports as provided by IFRS (International Financial Reporting Standards).
In this situation, businessmen focus on translation of economic terms and on knowledge of general principles for preparing financial documents in general. This information may often be obtained only from foreign sources.
Private Individuals need translations of financial documents too, for example, to analyze the trends of the American and EU securities market, for detailed study of documents related to transactions on property purchases, and in many other situations.
Translation of the following documents is most popular today:
- financial reporting,
- audit reports,
- business plans and grants,
- draft purchase and sale transactions and other contracts,
- tender document packages,
- business correspondence,
- economic articles, analytical reviews.
Translations of financial documents forwarded to a foreign addressee often times require an Apostille by a notary. This automatically legalizes a text in about a hundred countries worldwide, making it legal valid.
IS it possible to make a suitable translation of financial terms with only a dictionary at hand?
An economic translation is an important task requiring knowledge of a foreign language and of the basics of economic theory. It is best if the translator keeps up to date with recent changes in economics, accounting and audit in the country, from/into which language he/she translates, and is aware of specifics of its corporate and financial laws. Such knowledge often saves financial translation from widespread errors.
For example, many businessmen in our country believe that the acronym LLC, which stands for "limited liability company," relates exclusively to this form of a legal entity. However a limited liability company as a type of a business in the American legal system has lots of differences from its Russian counterpart.
Translation of financial and economic terms has funny issues too: no one could think that in 2010 the word "pigs" will be confused with the acronym PIGS which stands for the first letters of the countries Portugal, Ireland, Greece and Spain, which were hardest hit by the world economic crisis.
The way to earn the trust of potential foreign partners
Translation of financial documents is, first of all, about total accuracy of terminology and conveying the meaning in a completely suitable way. If translated materials fail to assist correct understanding of even a minute part of the text (for example, a clause in a contract or a part of a report), it may cost the customer dearly by causing financial losses and loss of reputation.
Rely only on approved translation companies with a good reputation when it comes to financial translations. This is the right way when translation of financial documents can bring you dividends both in the form of profit and trust from your foreign partners, which in many cases is more valuable than a net profit.
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