02 Aug The importance of financial translations
Financial translations are almost on the same level of sensitivity as medical translations, and the reason is very simple: even a missing comma “,” can determine huge loses, especially during a period of recession.
What to avoid in financial translations and the damages they might cause:
- Never use a machine translation, no matter how technically advanced it is. These machines cannot understand and translate financial terminology.
- These errors can result in losing a major contract or even losing large amounts of company money. And all this from a small error.
- Avoid letting unqualified and inexperienced “translators” translate your text.
- A bad translation can even lead to legal consequences, when it comes to financial statements designed for legal or government purposes.
Usually, these texts consist of business plans, contracts, non-disclosure agreements, annual reports, balance sheets, P&L statements, auditing reports, due diligence documentation, etc.
When translating financial texts, there are some important aspects that must be taken into consideration:
- The Numbers are the most important factor for this specialization, this is why they must not be moved or changed. It is extremely important that the punctuation and annotation system is also taken into consideration, especially because the period/decimal system may differ from the original language to the target language
- New financial terms need extra attention when looking for equivalent words in the target language.
- Abbreviations in financial texts are usually known only in the sphere of financial experts.
For these aspects to be met, it is a standard requirement that the translators have to be specialized in this field and must have a basic knowledge of current financial terminology in both the source and the target languages.
Another very important aspect of financial translations is the confidentiality
The figures related in a financial document must always be kept confidential, because any breach or leakage of information can produce major consequences to the market and stock prices.
That is why a translation company will always have a serious commitment to protecting the confidentiality of your documents and the translated work.
DutchTrans can deliver you an accurate translation of your document, which you can be sure will be precisely localized in the requested target language, this way all your financial translations will accomplish their purposes.