Financial Translation: How Does it Work?

Financial documents are highly confidential document that needs outmost care in handling, even the translation of financial statements. Every detail should be checked to ensure that no mistake is made during translation and after the translated document is turned over to clients for their official use.

Which is why a detailed process is conducted by translation companies before they proceed to the actual work and it continues until the client is satisfied with the results. If you are curious on how it works, the basic process of financial translation goes like this:

  • Initial consultation

Both parties will set an initial appointment so they can discuss the project. On this meeting, the client will give an initial brief about the company, the general content of their financial statements and initial expectations. The translation company, on the other hand, will discuss their process and terms and conditions. Both parties will have an opportunity to set their expectations on the project and draws out an initial quote for the translation job.

 

  • Mapping out the scope

If the project proceeds as planned, the next step would be mapping out the project scope. The project scope contains the scope and limitations provided by both parties. On the translation company’s side, they will be providing the final quote or rates, the time frame and the number of revision that are allowed. It would also include the number of individuals which will be included in the project and their roles. On the client’s side, it should include the timeframe for providing the documents and the turnaround time for submitting an initial feedback. Both parties would have to agree with the scope before the project proceeds.

 

  • Translation of documents

This would be the actual work. Based on the scope and expectations given, a team of financial translators will work on interpreting the documents given and translating it in accordance to the brief given. The clients is usually not allowed to meddle on this phase to avoid confusion and delays.

 

  • Review of initial draft

Once the translation company is done with the translation, they will submit it to the client for review. The client and his team would be given enough time to peruse and review the document for feedback and they will have to return the documents with consolidated comments to the translation company.

 

  • Revision and Final Drafting

Once the translation company received the initial draft with comments, they will work on integrating these comments to their initial work and furnished a new copy until they meet the required number of revisions and satisfies the client.

To know more about the comprehensive translation process, read full article here.