Few global industries are as dynamic and fast-paced as the financial services industry. Financial reports often carry considerable legal weight and there is always a need to pass this information to the target audience as quickly and accurately as possible. In fact, financial information, such as merger talks, service agreements, business plans, stock market analyses, financial press releases, annual reports, etc. must be delivered on time in most cases. In the same vein, finance documents have to be translated into many languages for them to be readable across international boundaries.
However, this is often a complicated process since, in such a highly professional field, expert translators and reliable project teams have to be engaged in most cases, as a result, translation presents higher expenses to multinational entities when preparing financial statements than that of general translation.
As more clients require cheaper and faster translations, language translators are turning to the latest technologies to ease their tasks. These tech tools speed up the entire translation process, reduce cost, and improve quality.
In this piece, we bring to you 3 effective ways to reduce translation cost and time, without sacrificing quality.
Use Translation Memory (TM) to save the time and cost on twice the work
A translation memory is a database that saves all of your previously translated text in order to make sure that you don’t have to pay to have something translated twice. The more content you can reuse from your translation memory, the more you will save.
Using a translation memory, a piece of translation that appeared in a similar document last week, last month, or last year can easily be re-used today, with a linguist making updates as needed. This is called fuzzy match. Sometimes, no updates are needed at all because the phrase or sentence is identical to one translated before (exact match). If the same phrase or sentence appears more than once within the same translation project, this is called a repetition and all subsequent instances can be automatically populated based on the first translation.
Since both fuzzy matches and repetitions reduce the amount of work necessary to complete a translation project, a transparent translation provider will pass these savings on to you in the form of discounts. In addition, they will be able to meet more aggressive deadlines because using a translation memory system saves time by eliminating double work.
Create a glossary to protect your brand with consistency
A glossary is a list of pre-approved words or phrases that have specific translations. A glossary approaches content by looking at individual words and phrases. If you’re drafting international financial reports, having an approved multilingual glossary can be crucial to the overall success of translating and localizing the text. This becomes extremely important in financial translations when the size of a project requires more than one translator to complete on-time.
A multilingual glossary will protect your brand by fully establishing how your preferred terminology, key industry terms, and company culture messaging style should be translated. It prevents unnecessary confusion as it’ll become the go-to database for your translation projects. A new translator joining the team today can immediately benefit from language assets to quickly become familiar with any specialized terminology and pick up the desired style with ease.
Cooperate with expert finance translators to avoid costly mistakes
Whether translation of a financial document is needed for an official purpose or simply for personal records, there is no room for error in the world of financial translation. The repercussions of improperly translated financial documents can be serious, especially if such documents are necessary for legal or government purposes. Using unprofessional translation service providers to translate your material might be very expensive in terms of the damage to your brand or reputation, and it can also mean spending more money and time solving problems.
To avoid errors when it comes to the translation of financial documents, it’s essential to turn to an expert financial translation agency that possesses an excellent track record in the industry. In other words, your translators must have requisite financial experience and translation skills. By doing this, you’ll save yourself the unnecessary headaches associated with mistranslations.