Financial translation agency
The world of finance is very demanding, both in terms of accuracy and deadlines. Contexts such as major financial transactions, funding applications, business partnerships and the internationalization of companies often require the services of a financial translator. In these situations, special attention and in-depth expertise in the financial field are essential to ensure an accurate and faithful translation.
Examples of financial documents we handle
- Balance sheets
- Income statement
- Tax returns
- Bank statements
- Insurance documents
- Bank guarantees
- Private and public offers
- Accounting procedures
- Due diligence procedures
- Financial projects
- Investment prospects
- Annual reports
- Auditors’ reports
- Cash flow statements
Specific features of financial documents
Like legal translation, financial translation requires translators to have up-to-date experience in the specific industry they are translating for. For example, a translator specializing in personal investments would probably not be familiar with the terminology and regulations associated with insurance claims, while an international tax specialist might not have a good understanding of venture capital transactions. This means you should work with a financial translator with the right experience for your project.
In addition to this sector-specific knowledge, the translator should have knowledge of local laws, regulations and financial practices, as well as cultural factors likely to influence the accuracy of translations. A common example concerns Spanish translation. Over 20 countries use Spanish as their official language, so it’s essential to work with a Spanish translator familiar with the region in which you’re working, and to ensure that they have a good understanding of current financial terms and practices in that country.
Common mistakes infinancial translation
An incorrect financial translation can lead to catastrophic financial and legal consequences for a company. Providing poorly translated documents can seriously damage a company’s reputation. So it’s worth knowing what the most common mistakes are. When it comes to figures and financial information, translators need to be careful to avoid these mistakes:
- Using the wrong terminology: Incorrect financial terminology can lead to serious confusion and misinterpretation of documents.
- Misinterpreting financial data: Misinterpreting financial data can lead to incorrect analyses and erroneous financial or business decisions.
- Using the wrong format: Languages and regions express numbers differently. A translator inexperienced in finance may be unfamiliar with certain terminology and conventions. For example, some countries use commas to separate thousands, while others use periods. What’s more, the meaning of « one billion » differs between Europe and the United States.
It’s also crucial to understand the typical formats used in the source and target languages. Information on a contract or account statement that is common in one region may not exist in another, and translators need to know how to deal with these situations to avoid misunderstandings.
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