In this week’s post we talk about financial translation. First of all, it is worth mentioning that this is one of the most demanded areas in the translation sector. Financial falls within economic translation. Its main characteristic is the high degree of conventionalisation and the strong presence of innovative terms from the financial sector.
WHAT IS A QUALITY FINANCIAL TRANSLATION?
The following are some of the characteristics and features of a quality financial translation:
Importance of the assignment guidelines
To achieve a high-quality financial translation, it will be essential for the translator to identify the type of document to be translated as well as its purpose. The translator will need to pay close attention to client’s guidelines, so that the appropriate tone and register is maintained in each case. And, of course, accuracy is key in the translation process of all types of financial documents.
Knowledge of local regulations
Regulations vary depending on where you are. Therefore, it is essential to recruit professionals who are familiar with these regulations to ensure that the translation is appropriate for the target audience. For this reason, it is crucial that the translator follows a prior documentation process in order to obtain satisfactory results.
Evolution of terminology
As every aspect of our lives, terminology and language are constantly evolving. Neologisms are always emerging as the industry is continuously changing and reinventing itself. So, if you want to obtain quality results, it is recommended to rely on financial translation professionals who are up to date with these changes.
Although the translator’s skill is the most important factor, having financial experts will be fundamental. In this way, if the translators understand the subject matter in question, this will be reflected in the result of the translation.
Use of proper translation tools and resources
The use of proper translation tools and resources will make a difference in your financial translation. Therefore, using cutting-edge tools and resources will speed up the translation process and make the translation accurate and of high quality, since more time will be devoted to the revision process.
TYPES OF FINANCIAL DOCUMENTS THAT CAN BE TRANSLATED
The following are some types of financial documents that could be translated and the sector they belong to:
Within the corporate field, it will be necessary to translate annual reports, shareholder reports or balance sheets. In the tax and accounting sector, you will find tax settlement documents, invoices or tax returns. As for insurance-related documents, insurance policies, insurance terms and conditions or financial reports are usually translated. In the real estate sector, you will find contracts for the sale and purchase of real estate or profit and loss accounts. Finally, in the field
of investments, you will come across investment fund, bond or share documents. In the following link you can check the tone that a financial document should have and you will be able to verify that the translations of your documents are adequate.
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