19 Jul Top 10 Financial Translation Tips(Last Updated On: July 19, 2021)
The Economy plays the biggest role in any country’s development. And when we talk about the economy, we can’t minus finance and banking from the equation. The financial sector has seen a revolution like never before. Internet banking, online transactions, financial translation services, income statements, everything is done electronically. Every bank and every financial entity have apps for smooth transactions and bill payment options for users’ convenience.
However, technological advancement can’t change the fact that financial matters are complex and so is the financial translation. From large companies to small banks, bank statements, annual reports, ledgers, auditing, payroll, audit, taxation documents, financial reports, and similar documents have been and will always be required to get translated.
Who Can Take Care of Financial Translation Service?
You must keep in mind that there are many types of translation. And each of them requires a special kind of expertise. Similar is the case with a financial translator. Not every translator can pull it off. Years of experience and professional qualifications are a must.
Most of the time financial translators are financial advisors, experts, commerce specialists, and bank officers. Staying close to the action not only provides them with an in-depth knowledge of the terminologies and work process but with their experience in the field, they don’t make any errors while translating a financial record or a document.
If you are looking to become a financial translator or are already one, this article is going to make a huge difference in your career. We are going to give you some very special tips regarding to financial translation services with utmost accuracy. These proven techniques will not only help you do your tasks in a better way but will also save you from spending extra time and effort.
Top 10 Financial Translation Tips
1. Pay Attention to The Terminologies
One of the biggest challenges’ translators witness, is following the terminology and financial language. Although it may seem like most of these are in English, some of them are unique to every country and must be translated keeping that in view.
Another aspect is that some terminologies have no equivalent in your target language. For instance, there might be some terminologies in English that have no substitute in Russian or French, and in that case, sticking to the original terminology is the only solution.
2. Formatting Counts
The formatting of an official document is the most significant part of its being. A financial document such as a pay slip, an invoice, or a tax bill, can’t be translated without formatting. It would defeat the purpose of its translation. When you are working for a company, you can’t satisfy them if you don’t follow the rules of formatting and the original settings, be careful about it.
3. Currency Rates and Exchanges
Being a financial translator, you should be more vigilant. Staying updated with every new rate and exchange rate is part of your profession. Even if your work doesn’t include currency rates and you deal exclusively with only financial records and bank statements, this trait can help you in the long run.
4. Determine the Document Type
Before translating a document, analyzing its type, features, and purpose gives you a better chance of satisfying your clients’ needs. In today’s world, one document can be more than one thing.
For example, a tax calculation advertisement may look like a brochure with numbers and facts but it will also be an invitation to trust a company and call for help. Checking out a document whether it is formal or informal allows you to translate it better, that’s why you should focus on that.
5. Go with Your Expertise
Instead of becoming a jack of all trades, you must go with mastering that one you love. When you have decided to go with finances, then stick with it. Many companies provide only one or two types of translations but with the world’s best translators.
The reason behind their strategy is to utilize their expertise and deliver exceptional results in a critical field. Translators at such companies are more proficient in their respective fields because they continue to do the same translations over and over again.
6. Quality Control
There’s no room for error in a financial translation. One zero missed and the amount is different. But that’s not just it. Every detail is crucial. People focus on quality in terms of financial translation because they are the very core of functionality at every entity.
One of the most common quality standards is the certificate of accuracy. With the certificate containing the name of the translator or the translation company ascertaining that the translation is done by a professional and contains no errors, we give customers the satisfaction they deserve. Moreover, without quality, no translator can hope to get more work in the future.
7. Understanding the Client’s Requirements
This one goes without saying and it applies to all types of translations. Without understanding the requirements clearly, you can easily mess things up. If you are going to work for financial companies, you may be asked to work on cash flow statements, marketing materials, tax reports, quarterly reports, or audit reports.
And for translating such specific types of documents, you must have extensive knowledge of the finance industry. Therefore, ensure that you check all the requirements before moving on with the translation process.
8. Work with A Financial Translation Company
Even if you intend to work as a private contractor, in the long run, working for a financial translation agency provides you the opportunity to gain the background knowledge you’ll require in your career in the finance sector.
Working with a company will also give you an insight into the financial markets, financial services that companies provide, extensive experience, and a chance to polish your skills under the guidance of financial translation experts. In short, an agency is like you’re training to learn high-quality financial translation without making any simple translation mistake.
9. Keep Your Tools Handy
In the financial environment, you just can’t remember everything like the back of your hand. The terminologies are tough. Even the subject matter experts keep some books and financial content handy to help with the translations. In this regard, first of all, you must download financial dictionaries. These dictionaries save you from the trouble of searching for terms and names online.
Secondly, don’t rely on machine translation for financial and legal documents as attention to detail is mandatory in the field of finance. Automatic translation software isn’t going to help you a lot if financial documentation is what you are going to work on.
10. Offer Competitive Rates
Of course, financial translation can’t be cheap but it doesn’t have to be skyrocketing. It is a great feeling to have the elite class as your top clients, however, reaching that level of perfection will take time and effort. The financial translation process is systematic and you can’t rush it with a single translation.
You’ll gain experience with quality services and affordable rates. So, make sure you do that as well. Still unsure where to start? talk to us and partner up with us as we are always in search of professional linguists. To get in touch with us, send us a message right away!