Companies most often suffer from financial errors. You will be forgiven for a ridiculous typo in the presentation booklet, however the difference in the numbers in the annual report can lead to the loss of a partner.
Financial translation that saves your capital
In the field of economics, mistakes can be found not only in the financial reports translation. Therefore, you should entrust the documentation to a trusted translation agency to competently prepare your financial reports, an article for an economic publication or marketing research.
The financial translation service is becoming more popular due to the development of entrepreneurship in Ukraine. In 2017, only 1,693 Ukrainian enterprises had the right to supply their goods and services to the world market, but this number is growing every year.
What is the cost of a mistake in a financial translation
The main difficulty faced by the translator is specific terminology. The economic terms are similar in different countries, yet this is their intricacy. Only an experienced specialist would be able to grasp the intricacies of financial documents translation.
For example, the most common mistake is to translate the English term “fixed assets” as “основные средства” (capital assets). In accounting, capital assets are the material objects involved in the production process, while maintaining their natural form (buildings, machines, equipment, livestock, perennial plantings).
The Oxford Dictionary of Business and Management states that “fixed assets” are non-current assets. That is, assets that have been used in the enterprise activities for more than a year: buildings, stocks, inventory, etc. Capital assets are part of non-current assets. Such an error might be found even in the translation of well-known foreign financial publications.
By confusing these two values, one can violate company statistics and mislead foreign partners.
In addition to terminology, economic texts contain abbreviations, tables, diagrams and figures. Correct translation of this part of the documentation requires appropriate knowledge, scrupulousness, as well as the ability to convey the exact meaning of the original. You may also be interested in the literary translation service.
from 0,40 UAH / word
from 1 calendar day