The market for translation
and localization services is expected to touch US$10 billion by the end
of the year, and the reasons are not hard to understand. The
accelerating trend towards globalization in recent years has resulted
in creating more work for those working in the area of finance:
accountants, financial controllers, and CFO's of companies with
headquarters located elsewhere on the globe. Not only do they have to
generate reports and analytical statements for their local managements,
but also for their overseas principals. Accounting practices
are quite far different in different regions and this kind of 'double'
reporting requires a level of acumen and sensitivity that far exceeds
the demands of doing business within the confines of a single country
There is an array of financial documents that have to be translated
when multi-national corporations from different language-regions engage
in collaborative ventures: annual reports, business plans, financial
statements, sales projections, fact sheets, audit reports, policy
documents, shareholder communications, public offering prospectuses,
fact sheets, and press releases are just a few samples of financial
Foreign companies dealing with U.S. organizations have to file their
information with various U.S. regulatory organizations such as the U.S.
Securities and Exchange Commission (SEC). This would involve having to translate a number of forms with data and translating them to English – a task that can be effectively done only by a language service provider who is familiar with the industry and the regulations governing them.
It is well known that in the world of finance, just as in any other sphere of activity – medical, engineering, information technology
– the accounting methods and terminology varies with each country. The
subject is complex and calls for a certain degree of familiarity with
the terms in use. The following terms will clearly illustrate this:
societe anonyme (French): limited company, public company, public limited company
societe en commandite (French): limited partnership, public limited partnership, master limited partnership
societe a responsabilité limitée (French): private limited company,
incorporated company, limited liability company, private company,
private limited company, private sector company, public limited company
The usage of these terms again varies between American English and
British English. It is clear, therefore, that translators entrusted
with financial translations have to be very adept at their work.
Checklist for financial translation services
A good provider of financial translation services should be mindful of these important requirements:
Financial translation service providers must be up to date with the
current regulations relating to the financial services business.
They must hire translators having expertise in the financial services,
with knowledge of the commonly used financial and legal terminology in
the languages they are qualified in as translators.
They have to provide fast turnaround with accuracy, and be detail
oriented. Some providers go the extra mile and even offer overnight and
Financial translation professionals must adopt and uphold certain
ethical standards that will enhance their own credibility and
Market expansion goes with responsibilities
With organizations increasingly veering towards global level
operations, the market for language services is rapidly expanding.
However, it becomes vital to identify a good service provider who is
mindful of the high burden of responsibility that accompanies this
task, and of the serious consequences that can result from faulty
translation work rendered.
By: Armando Riquier
About the Author:
Armando Riquier has been
participating in the Tectrad control team as a freelance expert
translator and writer. The Tectrad group comprises various agencies
delivering high quality translation work in the area of finance, legal,
business and technical writings. Use their specialized translation services to really effect your company's global expansion.
article was originally published at http://www.abcarticledirectory.com/