Why Outsourcing Translating Financial Content of Your Business?
Translating financial content needs to be outsourced to a specialized outsourcing partner because it is not an easy task. The fact is that you are normally faced with some challenges in your attempt to translate financial content, making the task of translating daunting. That is why you should consider outsourcing translating the financial content of your company to an expert.
When it comes to transcribing financial documents, here are reasons your firm needs to outsource financial translation services to an expert:
Accurate and Consistent Terminology
When it comes to financial documents, accurately and consistently transcribing terminology becomes a major challenge. The transcriber must have deep knowledge and understanding of how certain terms are used, not only in a country but in many countries in order to be able to successfully translate documents such as financial statements.
In addition, it is essential that these terms are translated exactly the same way in all the documents, in order to maintain consistency in the translation. For example, monthly, quarterly and annual financial reports must use the same words. Consequently, financial translators must make use of the right terminology in all the documents of your company, and also ensure compliance with IFRS rules as issued by IASB.
Complete Confidentiality Requirements
Absolute confidentiality is a must for transcribers, as financial firms deal with confidential information from their clients and their own company also. Furthermore, outsourcing partners or translators should sign Service Level Agreements and Non-Disclosure Agreements to guarantee the protection of financial data.
The way in which documents are managed should also be secured. You can outsource to a trusted translation provider who will have secure translation management systems set up, instead of sending unencrypted emails with vital financial information to a strange and unfamiliar team of the linguist. This way you are guaranteed that your documents cannot be uploaded or downloaded.
Specialized Content
It is very important to note that financial content is quite different from marketing material or technical manuals. Price sheets, merger and acquisition materials, corporate communications, financial reports, and compliance documents are all different from other types of content because each kind of document has its own challenges.
In addition, each of these files may be in different formats such as Word, Excel, PDF, or InDesign. For this reason, you need the skills of an experienced outsourcing partner who can work with such wide-ranging finance documents and transcribe them correctly.
Strict and Short Deadlines
Reports have to be generated and released quickly in the world of finance. As a result, businesses must be prepared to get numerous work translated accurately within a limited timeframe. Working within fixed dates for financial statements or annual reports can mount unnecessary pressure on your resources.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Silvia Damiano says: 
Why Outsourcing Translating Financial Content of Your Business?
Translating financial content needs to be outsourced to a specialized outsourcing partner because it is not an easy task. The fact is that you are normally faced with some challenges in your attempt to translate financial content, making the task of translating daunting. That is why you should consider outsourcing translating the financial content of your company to an expert.
When it comes to transcribing financial documents, here are reasons your firm needs to outsource financial translation services to an expert:
Accurate and Consistent Terminology
When it comes to financial documents, accurately and consistently transcribing terminology becomes a major challenge. The transcriber must have deep knowledge and understanding of how certain terms are used, not only in a country but in many countries in order to be able to successfully translate documents such as financial statements.
In addition, it is essential that these terms are translated exactly the same way in all the documents, in order to maintain consistency in the translation. For example, monthly, quarterly and annual financial reports must use the same words. Consequently, financial translators must make use of the right terminology in all the documents of your company, and also ensure compliance with IFRS rules as issued by IASB.
Complete Confidentiality Requirements
Absolute confidentiality is a must for transcribers, as financial firms deal with confidential information from their clients and their own company also. Furthermore, outsourcing partners or translators should sign Service Level Agreements and Non-Disclosure Agreements to guarantee the protection of financial data.
The way in which documents are managed should also be secured. You can outsource to a trusted translation provider who will have secure translation management systems set up, instead of sending unencrypted emails with vital financial information to a strange and unfamiliar team of the linguist. This way you are guaranteed that your documents cannot be uploaded or downloaded.
Specialized Content
It is very important to note that financial content is quite different from marketing material or technical manuals. Price sheets, merger and acquisition materials, corporate communications, financial reports, and compliance documents are all different from other types of content because each kind of document has its own challenges.
In addition, each of these files may be in different formats such as Word, Excel, PDF, or InDesign. For this reason, you need the skills of an experienced outsourcing partner who can work with such wide-ranging finance documents and transcribe them correctly.
Strict and Short Deadlines
Reports have to be generated and released quickly in the world of finance. As a result, businesses must be prepared to get numerous work translated accurately within a limited timeframe. Working within fixed dates for financial statements or annual reports can mount unnecessary pressure on your resources.
On the other hand, a financial service provider or outsourcing partner will be able to work in accordance with the calendars of your finance firm.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
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