Fast-Tracking Multilingual Financial Reports
Every localization project takes time. However, there are certain types of content where time is of the essence. A perfect example is financial reports. Global brands that require their financial reports to be translated into multiple languages leave little time to translate and localize. Last-minute approvals and updates are common.
Time matters in financial translations and so does accuracy. Analysts, investors, business partners, and other stakeholders from different countries rely on these financial documents to make critical decisions. Poor translations of financial documents or late submissions can make a huge difference in these decisions.
So, what is the best way to fast-track multilingual financial reports?
The Multilingual Financial Report Process
To a large extent, the process for localizing financial documents, such as annual reports, quarterly reports, and other financial reports, is like other localization projects. These are the general stages in the process:
- Discuss the requirements, specifications, and confidentiality requirements, such as language pairs, timelines, and terminologies, with your localization team or language services provider (LSP).
- Prepare resources. Your translation memory, which stores approved translations in a language combination, saves your translators time. Other resources you should set up or update are your term base or glossary that includes technical terms, company-specific terminology, and your style sheet for stylistic preferences.
- Prepare source files. These are the files that need to be translated, for example your accounting and financial documents, or corporate reports.
- Translate files. The project manager assigns tasks using translation management software to translators and validators.
- Review translations. Editors review the translations and requests revisions if necessary, through a quality assurance process.
- Publish translated files. Prepare the target files for desktop publishing or online publishing.
There are three critical elements necessary to achieve your financial localization objectives: accuracy, speed, and confidentiality. Download our white paper, Internationalization Strategy Behind Financial Documents, to understand the processes and tools financial institutions can implement to achieve those objectives.
How to Optimize Financial Translations
While the translation process for financial documents looks straightforward, it’s much more complex than it seems. It requires native speakers with an accounting or financial background who are familiar with local and international accounting standards and are trained in localization.
There are tight deadlines, given there are stockholders’ meetings, investors’ briefings, and analysts’ calls. When numbers change, often at the last minute, this has a domino effect. It impacts other figures, the calculations of ratios, and text explanations, which means translations need updating.
Waiting until all your financial documents are completed before you have them translated is not an efficient use of time. There are different options you can consider accelerating the translation of your financial documents. Regardless of the solution, it’s critical you work closely with your localization team or your LSP to have your financial documents available in multiple languages.
Agile is a project management approach that breaks a huge project into several phases, with short and continuous feedback cycles and faster iterations. Your LSP should be adept in the agile methodology, which enables them to work on chunks of content in parallel, translating and reviewing them throughout the localization cycle.
You don’t need to wait for financial reports to be complete before handing them over for localization. The figures take time to be finalized, but much of the text, such as executive messages, operational highlights, and feature write-ups, can already be translated ahead of time. Your LSP should be able to do pre-translation even while you are still finalizing your financial data.
Localization-Ready Source Files
Prepare your source documents so they will be easy to localize. This includes using internationalized English from the start, avoiding words or terms that may have different meanings in other languages. It also involves making the layout of your documents flexible for possible text expansion or contraction after translations.
Speeding up the localization process should not be at the expense of translation quality. To ensure consistency and accuracy of translated financial documents, you need to work with your LSP and ensure these are being followed:
International Accounting Standards
Translation is crucial for international accounting communication, as it has an impact on decision-making. The International Financial Reporting Standards Foundation (IFRS) issued by the International Accounting Standards Board (IASB) has guidelines on translation quality. These standards ensure the resulting translations are accurate and appropriate for all countries that speak that particular language.
Collaborate with your LSP on your glossary, translation memory, style guide, and reference documents, which helps ensure consistency and speed of translations. Send reference financial reports in the source and target languages for easier comparison.
Of course, quality assurance is crucial in translation projects, especially when financial information that has an enormous impact on the company is concerned. As the client, ensure that the localized documents are accurate and appropriate.
Work With Welocalize
For high-volume financial translation services, it’s best to work with an LSP that has experience in localizing financial reports. Welocalize delivers professional translation and localization services for the financial industry. We offer our clients translation and review services supporting documentation including, financial statements, risk management and internal control reports, with over 300 annual reports translated each year.
We uphold the highest quality standards, are compliant with IFRS terminology, and provide the speed and confidentiality required for your financial localization needs. We have over 250,000 native in-country linguists and specialists in banking, taxation, insurance, auditing, capital markets, and private equity.
Find out more about how we can help you with your multilingual accounting and financial documents.