Financial statement translation helps lift the language barrier in conveying information to foreign partners. An accurate and professional financial statement translation facilitates businesses in cooperation and transaction with international partners, opening up ample opportunities for economic development and attracting foreign investments.
What is financial statement translation?
Financial statements are an assortment of documents, tables, and financial justifications of a business. These statements provide partners, board of directors, and shareholders with a comprehensive view of the financial situation, business results, and cash flow of the company.
Financial statement translation involves rendering the content of finance-related documents from one language to another. The process requires financial terms and concepts to be translated with utmost accuracy in order to ensure consistency with the source document.
Financial statement translation typically deals with documents such as:
- ● Balance Sheets
- ● Income Statements
- ● Cash Flow Statements
- ● Financial Statement Footnotes
Most organizations and businesses get their financial statements translated for the following purposes:
- ● Provide foreign partners with a clear view of financial situations
- ● Submit to the auditor
- ● Boost overseas investment funding attraction
- ● Wish to enter the financial market and be listed on foreign stock exchanges
- ● Finalize bidding procedures for international projects
- ● Finalize legal procedures for local authorities
- ● Business appraisal, trade deals, cooperation and brand mergers with foreign elements
Challenges encountered during financial statement translation
Delivering accurate and precise financial statement translations that meet international standards is a demanding task, presenting translators with various challenges as follows:
- ● Quality assurance: The translation must be completely accurate. The translation of information, terms, concepts, and numbers must be flawless in order to avoid unfortunate misunderstandings.
- ● In-depth expertise: Translators must have extensive knowledge of the financial sector to efficiently handle daunting financial terms and data.
- ● Compliance with regulations: Financial statement translation should closely adhere to country-specific financial standards and regulations, or those established by international organizations that will use the statement.
- ● Information confidentiality: Financial statements typically contain a wealth of important information and data that must be kept confidential. Therefore, translators and translation companies must implement measures to prevent any potential information leakage.
- ● Fully maintain the original formatting: The translation must not only precisely retain the content of the statement but also preserve its original layout and format.
Financial statement translation process
At Thao & Co., the financial statement translation undergoes a streamlined 5-step process, which not only shortens the delivery time but also ensures high translation quality.
- ● Step 1: Receive information and request for financial statement translation
- ● Step 2: Receive payment in cash, by bank transfer, credit card, Paypal, or Payoneer.
- ● Step 3: Perform meticulous translation and proofreading to ensure the highest accuracy of content, figures, terminology, etc.
- ● Step 4: Certify/notarize the translation. Notarization will incur an extra fee. Upon your request, Thao & Co. can provide our Certification of Translation Accuracy completely free of charge.
- ● Step 5: Deliver the finalized translation with certification and/or notarization (if requested). The translation will be delivered via your preferred method.
Related article: Differences between Certified Translation and Notarized Translation.
Financial statement translation rates
The translation rate for financial statements is not fixed, but determined by multiple factors, specifically:
- ● Document length
- ● Document type and file format
- ● The language pair(s)
- ● Formatting requirements
- ● Certification/notarization requirements
For a detailed translation quote on your financial statements, the easiest way is to directly contact Thao & Co. through our Get a Quote page. Our consultants analyze your requirements, offer solutions, and provide an itemized quote.
Professional financial statement translation company
A subpar translation of financial statements, a mistranslation of terms, or an inaccurate input of numbers can lead to misunderstandings, hinder crucial decisions for business expansion into international markets, or impede efforts to attract foreign investment. Therefore, make sure to select a reputable translation company to get a superb document translation service.
At Thao & Co. Translation Company, we are dedicated to offering you professional and high-quality financial report translation services. We take immense pride in being one of the leading translation companies in the financial sector and held in high regard by our clients for:
- ● Our team of professional linguists with extensive expertise in finance.
- ● Our experience in various financial statement translation projects for a large number of global enterprises.
- ● Our multilingual capabilities support all file formats in all languages.
- ● Our complementary services, such as Expert Review©, are available to ensure the delivery of top-notch translations.
- ● Through Thao & Co.’s proprietary platform, we ensure stringent security for your project data and user information. It also allows you to track the progress of your project and enables prompt interaction with our linguists.
Kindly leave your information on our Get a Quote page, and we will get back to you as soon as we can!