Tight Turnaround Solution for the Translation of Annual Reports and Transfer Pricing Documentation
CASE STUDY: Leading appliance manufacturing company challenged Welocalize to deliver the translation of 250,000 words from various financial reports and transfer pricing documentation from Italian into English and Chinese, within a 10-day turnaround.
Globalization has created opportunities for companies to expand into new markets, bringing with it an ever-changing environment to compete in. However, with this comes the challenge of communicating across languages and cultures with local clients and governments to ensure documents are received in the local language and meet regulatory requirements.
The finance industry is extremely fast paced with many time constraints. Tight deadlines are the norm, especially if a financial statement or report needs to be submitted immediately. Therefore, accurate and timely translation of financial content plays a vital role.
In this case study, we explore how a leading appliance manufacturing company partnered with Welocalize for quick turnaround time solutions for the translation of multiple financial documents.
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The client, a leading appliance manufacturing company based in Europe, approached Welocalize for a quick turnaround time solution for the translation of multiple financial documents, including annual reports and transfer pricing documentation.
Welocalize was contracted to deliver 250,000 words, from various financial reports including statutory financial statements, sub-company annual reports, four annual reports, and transfer pricing documentation. The documents provided required translation from Italian into English and Chinese, within a 10-day turnaround.
In order to meet the tight deadline requirements, Welocalize created a project management workflow with a dedicated team to seamlessly manage the full project scope and the project files requiring translation.
Due to the complex terminology included within financial documentation, Welocalize knew we had to adhere to international subsidiaries, local governments, and regulatory agency requirements, as well as establishing processes that document and input accurate terminology. In response, Welocalize developed dedicated glossaries and translation memories in order to maintain uniformity in terminology across the various financial documents.
Financial information is often needed to meet local accounting and compliance regulations and therefore having translators in place that are well-versed in these standards is another important factor. Therefore, through regular cross-team discussions, the selected professional translators remained updated on the International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) terminology defined by the International Accounting Standards Board; guaranteeing that the project remained on target and met local and global standards.
Welocalize’s real-time review process allowed all the professional linguists to work on the same server and ensured delivery of over 250,000 words translated within the 10-day deadline.
Utilizing a project management focused methodology and pre-defined dedicated glossary, Welocalize maintained consistency and uniformity in terminology, resulting in high quality financial translations from Italian into English and Chinese.
“The most appreciable feature of Welocalize’s work is they treat each translation with a project management approach, making it successful. In addition to providing professional translation with correct finance terms, I always receive a translation that matches the original layout. Welocalize can deliver in emergency turnaround time situations and leverages prior translations.”
– CFO at a leading appliance manufacturing company based in Europe with operations worldwide
Work with Welocalize
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.
Contact us to learn more about our experience providing high-quality translations for complex financial documentation, while maintaining compliance with local and global regulations.