What is Financial Translation and Why is it Important?
Counting with good financial translation is an important element when involved in international business dealings. Did you know that it is one of the most complicated specialties in the realm of technical translation?
In effect, to carry out quality financial translations it is crucial for the translator to be highly specialized in the topic and that he/she have command of financial concepts and terminology.
The purpose of translated financial texts is usually twofold:
- Enhance information related to economic topics
- Present economic considerations to the recipients of the information to persuade and convince them
What Texts are Subject to a Financial Translation?
There are many types of texts that can be translated as part of this field of specialization. The most usual are the following: Annual financial statements, accounting records, mutual fund documents, audit reports and texts related to financial transactions.
The demand for financial translations is very high. Financial documents are highly relevant in both the public and the private sector. In many cases these translations are requested by banks, private companies and financial entities.
Did you know that some of the most requested translations are of annual financial statements? This is due to the fact that financial entities often meet with creditors or want to bring more partners on board and presenting them with such statements is a key pre-requisite.
The Importance of Financial Translation
Living in a globalized world has forced us to adapt rapidly to new processes. In this respect, financial and related themes have become more and more international in scope. Thus, the growing relevance of financial translation.
The financial sector had usually been traditional in its practices; however, new and dynamic companies are emerging in the context of evolving technologies and, together with them, new concepts and terminology.
Thus, the essence of financial translation resides in adapting these financial terms and texts to native languages. By doing so, it makes it easier to establish international commercial relationships.
What are the Inherent Difficulties of Financial Translation?
Many difficulties exist in successfully undertaking a financial translation. In particular there are three challenges that, if surmounted, give great value to the resulting text:
- The financial world communicates mostly in English and a large number of foreign expressions are used in financial jargon. Financial translators must remain up to date and transmit such terminology adequately both in English and the target language.
- The terminology and format of financial documents varies depending on the country. When the financial statements of a company are translated, terms often vary in line with the legal framework and general accounting practices of the country.
- The financial world is filled with ambiguous terms. Thus, the translator must be specialized in relevant fields as the lexicon has many different connotations
Financial translation is one of the most complicated and prized abilities in the world of translation and interpretation. This is why you should put your trust in Servicio Lingüístico Empresarial. We are experts in professional and custom-made translations for any business.
