Translating Financial Documents
Translating financial documents (financial translation) requires an extremely high degree of accuracy and fidelity to the original text. Even a slight imprecision could potentially have very serious implications for business decisions.
The current economic climate has generated many new opportunities, above all in emerging markets, but competition is fierce from both local, and foreign businesses. High quality translation and multilingual documentation could mean the difference between success and failure in a new market.
- Business plans
- Contracts
- Non-disclosure agreements
- Annual reports
- Balance sheets
- P&L statements
- Auditing reports
- Due diligence documentation
QuickSilver Translate has experience responding to the challenges faced by companies which outsource to other parts of the globe, both in terms of intra-company co-ordination, and compliance with different legislative systems.
Furthermore, we are in touch with all the new developments in the world of finance. Whether you work with hedge-funds, derivatives or re-insurance, QuickSilver is able to respond to your translation needs precisely and effectively, guaranteeing you the highest possible quality of translation.
The importance of working with a language service provider which specialises in the financial sector cannot be overstated. To take an example: bad debt management. Anyone with business experience knows that this expression means the management of bad debts, and that a bad debt is an amount of money owing to a company which is unlikely to be paid.
However, we have seen this translated into Spanish as “mala gestión de deudas”, which simply means bad management of debts. There is nothing in the English syntax which tells us that the adjective refers to “debts” rather than to “management”. Only specialist knowledge can resolve issues like this, and the world of financial translation is full of them.
International Standards and financial translation
Your translator must use the appropriate terms and structures, according to international standards and norms. For instance, if your company is within the European Union, you probably know that there is a strict requirement to support the International Financial Reporting Standards (IFRS). Now, these standards provide universal guidelines on how to prepare financial statements, and disclose them. There are some differences between the IFRS and its counterpart in the United States, the Generally Accepted Accounting Principles (GAAP). Thus it’s vital that your translator understands these differences, and avoids possible errors which could compromise these standards.
Specialised financial translators have a close attention to detail, an ability to work with numbers, and they need to be very careful not to add an extra zero…!
