How much money do you have in your bank account? If you do answer me, you´ll undoubtedly do so in the same language as that of the question, just as you would when you go to the bank to exchange some money. But it’s a little different when you are in charge of a company, certain objectives need to be fulfilled and in particular, expand the company to other countries. Communicating with future partners in your own native language is rather impolite, don’t you think? It’s here that financial translation comes into play. Remember, even though money seems to “speak” the same language, effective communication between foreign partners requires a good translator.
Reasons to translate financial documentation
If you were to expand your company, which department would you strengthen? The first that come to mind would probably be the communications and the international department. You are not far wrong, but there is one missing, the accounting and administration department. The latter area is one that takes care of the company’s extremely important financial documentation, such as the profit and loss accounts, annual reports, audit reports… These are all required by law and are, in addition, the ones most requested by companies in the area of financial translation.
Both the Internet and globalisation have now made it unavoidable for companies to deal outside of their own country and build international connections with others in their sector. We present you the success of companies like Ikea, Mr. Wonderful and Zeba Productions Many companies make the most of this opportunity to make good deals and make profits. The translation of financial documents is vital to successfully completing international transactions, fusions, acquisitions, the organisation of public tenders… The company’s survival often depends on its international success.[Sharer]
The business owner can often find themselves overwhelmed in such situations. You need and expert and professional on hand who is not only familiar with the financial environment, but who is also an expert in the translation of financial documents. Financial translation is an ongoing learning process that produces experienced and knowledgeable professionals who can help the company achieve their international expansion goals.
The most common languages in financial translation
With which country are you starting up professional relationships? With Russia? No problem, financial documents can be translated into Russian or any other language you require. At Okodia Translation Group, for example, we always work with native speakers to ensure the best possible end result.
Nevertheless, the most common languages used in the translation of balance sheets, profit and loss accounts and trading documents, among others, are English, German and French. The countries that speak these languages are those that are currently in the driving seat within the business arena, but that is not to say that other languages such as Polish or Norwegian, for example, will not deliver the results your company needs. Who knows, they could be market niches waiting to be explored. Are you ready?