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.

Types of Audit Reports and Opinions That You Should Know

Subscribing to UAE audit firms can be a definite advantage to any company. With a trusted auditing firm on their side, they can be sure that reports are authentic and thoroughly verified and all discrepancies can be spotted, validated, and be improved moving forward.

The auditor will tediously and rigorously go through all the numbers and documents. At the end of their audit, they will submit their reports. They will definitely explain everything to a letter but it would be best to have prior knowledge of the terms and types of reports or “opinion” that they will present to you.

 

  • Unqualified opinion

Unqualified opinion, as negative as it sounds, denotes to a clean opinion. Meaning there are no misrepresentations done on reports submitted, financial or otherwise. It could also mean that the reports are following the Generally Accepted Accounting Principles or GAAP. This is the best report that a company can received from an auditing team since it would pertain that the records are clean to a T.  Usually, the auditor summarizes his findings in a paragraph and signed it along with his details.

 

  • Qualified opinion

A qualified report is considered a positive report but in a different way.  There are some financial reports that are not following the GAAP standards but upon audit and checking, the auditors find no misrepresentations or discrepancies in the reports. This falls into qualified opinion. Although the report is good as cleared, the auditors would include the reason for such findings and why is it not considered as qualified.

 

  • Adverse opinion

If unqualified opinion is the best, then consider adverse opinion as the worst audit report a business owner can get. An adverse opinion report can mean a lot of things but all of them are negative. For one, it can be because the result of the audit points to a number of fraudulent figures or data being presented in the report or there are gross misrepresentation that are committed by the personnel or team that created the report. Auditors usually include suggestions on their findings, but the primary recommendations is to review the report, correct the misrepresentations and conduct another audit for the report to be acceptable.

 

  • Disclaimer of opinion

A disclaimer of opinion report pertains to situations where the auditor is not able to finish the audit due to different reasons. For one, the lack of documents provided by the company or the accounting team. The auditor will simply states that the result is inconclusive and would merit completion once all documents are submitted for audit.

To know more about audit reports, visit www.macnross.com.

Why Photo Canvas Is A Good Addition To Your Wall

We are quite used to photo paper-printed variety. But to make it a little different from the usual prints, you can try having it in a canvas. Yes, you read it right. Canvas is not only used for oil paintings but printing photos as well.

It might be a little old school for your tastes, photo canvas can give your space a vintage feel. You are having hesitation of having a photo printing Dubai company print your captured moments on a canvas, then these might change your mind:

  • Photo canvas can be a good art piece

 

Air pieces are expensive. Art collectors and enthusiasts spend millions of dollars just to acquire one piece of art or painting. Ordinary people have no means to purchase such expensive pieces. But do not fret. If you still want your space to have an art gallery feel, a photo canvas can be a great start. With a rough but edgy texture, you can install several pieces of your own creative shots that guests will surely love.

 

  • It can withstand the test of time

 

Photographs are quite prone to color changes due to harsh elements and also due to old age. Some of them fade which mar the beauty of the memory. If you want to immortalize your captured moments much longer, it would be best to have your photos printed to a canvas. Since it is printed on a canvas, the ink is printed on cloth which last longer.

 

  • Can be passed on as heirlooms

 

As mentioned, photo canvases is known for its longevity and durability and can last for generations, given it is given proper care. Aside from being art pieces to beautify your home, you can also pass it on to younger generations to cherish. You can also make it as a family tradition. Families usually have their photo taken during the holidays or important events. Tp commemorate such important milestone in your family.

 

  • Affordable printing cost

 

Some people think that printing in canvas is expensive and rare. It might be true that they are pricey than photograph printing, but you have to consider the lifespan of the canvas. If you do the math, you can say that it is worth every penny. And there are latest canvas printing equipment that are being used nowadays which print photos in cloth in much lower price.

Read more about canvas printing on this page.

Why You Should Choose a Facilities Management System for Your Organization?

In the previous decades organizations used to face quite tough time regarding the facilities management. Facilities like job order, man power, work in progress, machinery and things like that seemed to be unmanageable. Now on the other form if you think that doing it all manually is a quite childish task then you are living into the world of illusions.

Facilities management is not at all a piece of cake. Doing it manually requires so much of your time moreover you need to put in so many efforts into it. Now is the time to save yourself from this trouble. Just because previously people used to put in so much of their time and efforts into the facilities management, they used to get blamed for the low productivity. Well an intelligent question is that how can you think of utilizing the man power into this work and still you expect them to be very productive? If they are so busy in doing these things how will they complete other task. This was the reason that became the root cause of development of facilities management system.

In Melbourne, facilities management system is being used by many organizations. It is not easy for a giant organization to do this work manually. So, the facilities management system comes there for the help. Facilities management software gives you the ease of checking available facilities. Due to the vast advancement in technology now you can operate it from the one centralized point.

Why do businesses need it?

If you are still not aware of the perks of facilities management system then now is the time that you should think about it.

Cost saver!

You can call it cost saver! Facilities management system allows you to save cost by all means. It keeps you updated regarding everything going around. You get the clear idea of what is in and what is out.

It is paperless!

Taking care of important papers is not at all easy. Sometimes you miss the papers and the complete data get lost. When you go paperless, when you save all the data in facilities management software then you don’t need to worry about the risk of data to get lost. Life is much easier with this software and there are so many companies that can make it for you. If you want to see the reliable companies for it, click here.

Common Documents That Are Translated

Translations can be beneficial for some individuals and companies. If you or your business needed some document to be understood by foreign parties, the best way to go is to have them translated go the message being read is clear as the stream water. Publishers always seek the help of translators to have their manuscripts and documents translated to different language and be sold on different parts of the world.

Contrary to the popular belief, translators in Dubai translate not just books but a bunch of documents that are essential to their clients. These documents maybe in legal or related to their profession. Nonetheless, translation companies accept these kinds of order to serve their clients better. Here are some of the common papers translation companies receive:

 

  1. Contracts

Business contracts are one of the most common documents subject to translation, especially if you are dealing with foreign partners. Business owners and enterprise moguls are subscribing to translation companies to have their business contracts and other documents translated so other investors would understand the stipulations indicated on the contracts.

 

  1. Certificates and Visas

Yes, certificates such as birth certificates is also translated to other languages depending on the need. For individuals who will be marrying abroad, they need to have their birth certificates translated to the language of the country they will be married into. Translation can also be used when applying for students or going through an adoption process overseas.

 

  1. Product Patents and Licences

Newly-released patents and licences are documents needed for translation since they are being disseminated to other locations. Product patents is also important when applying for product distribution in other countries. Patents should be translate accurately since this document is crucial for the application and distribution.

 

  1. Scientific Research and other research studies

Scientists who are able to confirm or debunk a theory or discover something monumental would likely to have their papers translated so students and research individuals in other countries would be able to understand their discovery. Research papers and cases are quite tricky to translate that is why a special translator is needed to get the job done.

 

 

 

 

  1. Financial Documents

Financial documents such as reports are being translated so that foreign stakeholders can keep tabs on what has been happening to their investments. Financial companies employ the help of translators to be able to translate the financial reports accurately and foreign partners will have a better understanding of the financial situation of the company.

Read more about translation companies by visiting our site.

 

Limitless perks of company formation in freezones

You are aware of the thing that United Arab Emirates is basically comprised of 7 different independent regions which are known as 7 emirates. These 7 emirates are unique in their own way and there are different perks of opening up a business in those 7 emirates. These 7 emirates have different freezones and for sure every one of you knows about a freezone, if not then all of you must have heard of freezone somewhere.

Freezones are the eye-candy of entrepreneurs and you can open the business you want. It’s easy to establish your company in the freezones for instance if you want to open an auditing company in Dubai airport freezones, you can do it easily, you just need to follow the legal procedure and have to fulfill the requirements of opening up a company in freezone. Have you ever considered the advantage of opening up a company in freezone? If not, then now is the time to consider them.

Global exposure

Freezones opens the door of opportunities for you, UAE is very famous when you talk about freezones, and it has an open culture and welcomes you whole-heartedly without imposing multiple restrictions. Freezones offer you the perfect culture; you can easily trade there and can easily conduct all of your business operations.

Are you aware of the fact that there are certain freezones that offers you the tax free life? Yes! It’s true there are certain freezones which has no tax and duties. Means you don’t need to pay heavy amount of tax there.

Conduct your business operations freely!

Freezones open doors to the opportunities, you can fairly conduct your business operations with less government intervention. Well, entrepreneurs find it quite frustrating when they face the government intervention in anything. The freezones provide them a huge opportunity, the companies face less government intervention. Moreover, there are so many opportunities which exist for you in the freezones. As many foreigners are expanding their business in freezones, this opens a room for you too. You get more business there; you can earn maximum profit there. For instance if you look forward to the company formation in Meydan free zone, you can conduct your business operations freely without any intervention of the third party.

Low Duties

This is the first thing which comes into an entrepreneurs mind. Yes there are low duties in freezones. You don’t need to face any duty when you import goods into free trade zone as the free trade zones don’t impose duties on the good and if they do then it is always little.

Skip the stress of starting your business in UAE!

It is surely an amazing feeling of being an entrepreneur; it feels so good when you have your own business set up in UAE. Certainly the legislations, the lengthy procedure is tiring enough and many entrepreneurs quit the idea of opening up a business in UAE. Little do they know, there are agents that can help them with the registration and everything? To get something good you need to put in efforts. You can’t expect everything to get served in your plate. Since, you are an entrepreneur you are aware of the hard work required to become one.

If you need guidance regarding how to start business in UAE and you want to avoid the stress of starting up your business there, you need to follow certain things.

Research

It is so very important that you analyze and research about the market in which you are going to operate. You need to have complete information regarding your market and your sector. It is so very important that you take the trends and profitability in count but you can’t forget that you should not ignore your personal interest.

Matters related to ownership

Don’t consider it really simple. The ownership matters are always intricate and you need to get through it. Though Dubai encourages foreign investments and the freezones can be operated by foreigners solely but don’t expect it from each and every freezone. Likewise if you are opening up a company in Jebel Ali freezone then you need to know that it is necessary to have 51% involvement of the UAE National to establish a company. Every freezone has its own laws and you need to follow those laws to establish an entity there.

License

To operate a business in UAE it is very important that you first obtain a license; there are mainly 3 types of license which are commercial, professional and trading. The commercial license coves all aspects related to trading, professional license is for those who the professionals of any industry likewise, craftsmen, designers etc…

It doesn’t matter in which industry you operate in, you need to have a license and you need the approval of authorities.

Consider hiring an Arabic speaker

It is recommended that you hire someone who knows Arabic so that he can negotiate for your business in Arabic. The thing about 7 emirate of UAE is that mostly transactions are done in Arabic. So, it is good that you hire someone who is pro at it. For more information related to setting up a business in UAE, click on read more