Translating a financial statement can be useful in many situations: opening a subsidiary abroad, responding to a tender in another country, or seeking foreign investors in other countries. Like any financial document, the annual report must be translated with great accuracy by duly authorized professionals specialized in this type of content.
What is a Financial Statement?
A financial statement is a document that summarizes the financial health of a company or a project over a given period. This document is crucial for shareholders, investors, corporate executives, and other stakeholders as it provides a clear view of a project’s or company’s financial performance and position.
A financial statement generally includes the following components:
- Balance Sheet: It shows the financial situation of the company at a specific moment, listing its assets, liabilities, and equity.
- Income Statement: This document summarizes the revenues, costs, and expenses over a given period to determine the company’s net profit.
- Cash Flow Statement: It analyzes the cash flows of the company, divided into operating, investing, and financing activities, to show how money is generated and spent.
- Notes to the Financial Statements: These notes provide additional information and important details about the accounting practices, assumptions, and commitments of the company that are not immediately apparent in other documents.
This document is mandatory in some countries for commercial companies because it helps gauge a company’s performance.
Why Hire a Specialist Translator to Translate Your Financial Statement?
Financial translation poses very specific challenges. Only professional translators specialized in the finance sector will be capable of handling such a translation accurately.
For such a project, the translator must have significant training or experience in the financial sector to apply all the nuances of this field when translating the report.
For example, they must be familiar with international accounting standards regarding financial reporting so they can adapt the translation to the standards of the destination country. Other content, like currencies or decimals, may sometimes need to be localized so that the financial data is perfectly understandable to foreign recipients.
Moreover, financial statements contain many other types of information (editorial content, minutes, decisions of associates) that require varied and specific skills, necessitating legal and financial knowledge.
Only a professional translator specialized in this field can translate this document correctly. They will then apply their financial expertise to provide a translation faithful to your original documents and adapted to your target audience.
What Are the Objectives of Translating a Financial Statement?
Drafting and translating a financial statement properly are essential, as it is a key document for any company. It may particularly be required for financial procedures with banking institutions, especially for financing requests or seeking international investors.
Finally, confidentiality is another crucial element in this type of procedure. It is therefore necessary to use a reliable and reputable translation agency that can guarantee the utmost confidentiality in handling your financial information.
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FAQ on Financial Statement Translation
In what language should I translate my company’s financial statement?
It is generally necessary to translate the financial statement into the language of your interlocutors or the country in which you wish to expand. We advise you to hire a native translator, based in the country in question, who can ensure a reliable translation. At Wordely Canada, our specialized translators can translate your financial statements into more than sixty languages.
How much does it cost to translate a financial statement?
The cost of translating a financial statement varies depending on the desired language, the number of words to translate, and the required delivery time. To find out the cost of translating a financial statement, submit an online quote request using our form.
In what format should I send the file I want to translate?
You can send us the financial statement to be translated in any format (Word, Excel, PDF). Our team will handle integrating the translations into your source files for delivery in the same format.
