by Michael Bastin | 14 Nov, 2023 | Business, Communication
In a global business world, the financial sector is increasingly turning towards premium financial translation, so that international stakeholders remain up to speed with their investment’s performance.
Developing a close relationship with a specialist translator is crucial for those in the financial industry, and especially for businesses operating in English and French-speaking countries.
Firstly, as a technical field, the finance sector has a lot of its own specific terminology and complex ideas which specialists understand easily, but can seem very daunting to outsiders.
In addition, cultural and regulatory idiosyncrasies play a big role and should be kept in mind when translating from English to French.
Financial translations that aren’t carried out by professionals, might allow the reader to get the gist of your message, but they will not precisely convey its originally intended meaning.
Poor communication can have a negative effect on your future viability, risking loss of trust from stakeholders, and meaning your potential failure to meet your client’s expectations.
Industry knowledge is key in financial translation
As you review your yearly balance sheet, you may wonder who else might be able to distinguish between accruals and realised profits or understand why prepayments are classified as liabilities.
Most people would agree that translating a document which seems completely unfamiliar is incredibly daunting, and there is potential for it to go very wrong.
In financial translation circles, an anecdote recently caught my attention, an accountancy firm which had decided to delegate their balance sheet translation to an unspecialised translator, was surprised to notice that “stock” had been wrongly translated into “shares” in French, as opposed to “inventories”.
A mistake like this, which can damage a company’s reputation, could have been easily avoided if the translator had undertaken rigorous training, whether academic or professional, in the financial sector.
A professional French-to-English translator must also be aware of the guidelines regarding formatting, numbering, and terms in both countries. Most English-speaking countries follow the rules given by GAAP or IFRS, whereas most French-speaking countries adhere to the Plan de Comptabilité General (ICG).
The reason this matters, is that certain English technical concepts have no French counterpart, such as EBITDA (earnings before interest, taxes, depreciation and amortisation).
Consequently, a professional translator must undertake a contextual analysis, in order to find the French equivalent; in this case, it could be BAIIA or EBT.
Also, from an editorial perspective, certain financial documents, such as investor reports, tend to obey different modes of expression, as they cater to readerships with different expectations of the document.
To address all the above risks, ideally, you should rely on a professional translator who has had experience working and/or studying in both a French and an English-speaking country.
Some of the financial documents a financial translator might handle
- Key investor information documents (KIID)
- Investment fund reports
- Investor reports
- Balance sheets
- Income statements
- Financial reporting guidelines
- Bank documents
- Information memorandums
- Investigation papers
- Risk management and asset management documents
- Audit reports
One thing that these documents have in common, is that they carry considerable weight in terms of their amount of information, and the business stakes they involve. It is crucial to treat the translation of these documents with great caution because of the potential repercussions.
Low-quality French translations often result in an increase in the total costs of your operations, as you inevitably need to call upon a professional to clear up any mistakes. Additionally, severe delays may occur if your financial presentations (or memos) fail to accurately convey the terms and conditions of your projects.
Finally, your company may suffer loss of reputation in French-speaking countries, or incur lawsuits from your proposals being rejected by the local regulatory bodies.
It is important for your translation partner to measure these risks appropriately. Often, specialist translators handle these challenges with the tools they use, which are able to manage terminology accuracy, and will include post-translation checks and proofreading in their services.
Finding the perfect agency and building a long-term relationship
Building a long-term relationship with your financial translator ensures that your firm’s idiosyncrasies are well known, therefore limiting the possibility of your identity as a business being misrepresented.
The longer you work alongside a translation provider, the higher the quality of your French documents will ultimately become.
To determine whether your partner is suitable, consider their degree of financial specialisation, shown by the qualifications or experience of the financial sector translators.
Also, make sure that your provider has a robust terminological base, and can adapt to your preferences if need be.
Finally, make sure that communication between your firm and your provider is clear and honest to avoid costly mistakes, and ensure your stakeholders ultimately remain perfectly informed; this will only benefit your business in the long run.
BeTranslated is a professional translation agency that specialises in financial and corporate texts. Looking for advice or a quote? Get in touch today to find out more!
by Michael Bastin | 23 Oct, 2023 | Careers, Business, Translation services
Navigating the job market can be like walking through a maze, especially when you’re trying to enter a specialised field like translation. But don’t fret; it’s far from impossible.
You’ve got skills, you’ve got passion, and after reading this article, you’ll have the roadmap you need to land your dream job in the translation industry.
Know Your Strengths and Weaknesses
Before diving head-first into job applications, take a step back and evaluate your own skill set. What languages do you speak fluently? Are there any specific industries you’re particularly knowledgeable about—like law, medicine, or technology?
Having a clear understanding of your strengths and weaknesses will not only help you target the right job opportunities but also give you a competitive edge when customising your CV and cover letters.
Speaking of which, crafting an impeccable CV is crucial.
Crafting a Winning CV
In the UK job market, your CV is more than just a piece of paper; it’s your professional passport. It’s what gets your foot in the door and sets the stage for an interview.
If you’re not familiar with the CV format common in the UK, take some time to research and adapt your existing CV to it.
There are numerous templates available online to get you started, but for those wanting a bit more flair, Adobe Express offers a range of creative yet professional CV templates you can utilise.
They also have a range of design tools that you can use to craft your CV from scratch.
Beyond format, focus on the content. Highlight your language proficiencies, relevant work experiences, and any translation-specific certifications you might hold.
Remember, it’s not just about showcasing your skills but also demonstrating how you can add value to a potential employer.
Get Certified, Get Ahead
While not a strict requirement for all translation jobs, getting certified can significantly boost your chances.
In the UK, you can consider accreditations like the Diploma in Translation (DipTrans) from the Chartered Institute of Linguists or membership with the Institute of Translation and Interpreting.
These credentials not only validate your skills but also make you more appealing to employers who see value in certified professionals.
Certification programs often include both theory and practical exams, covering various translation techniques and subject matter expertise.
By successfully completing these, you’re essentially demonstrating your readiness to tackle professional assignments.
Freelance vs In-House
At some point, you’ll need to decide between freelancing and working in-house. Both have their merits and drawbacks. Freelancing offers flexibility and the freedom to choose projects, but it also means inconsistent income and the hassle of running your own business.
On the other hand, in-house positions offer stability and often come with benefits like healthcare and retirement plans, but you might find yourself stuck with projects that don’t particularly interest you.
Consider your lifestyle, financial situation, and career goals when making this decision. Some people start with freelancing to build a portfolio and then transition to an in-house role, while others find freelancing to be their lifelong calling.
Learn to Network
Many people groan at the thought of networking, associating it with awkward conversations and forced smiles. However, when done right, networking can be your secret weapon in breaking into the translation industry.
Attend industry-specific events, webinars, or even online forums where you can connect with like-minded professionals.
And don’t just limit yourself to other translators; clients, agencies, and even educational instructors can offer invaluable insights and opportunities.
LinkedIn can be a great platform for networking as well. Engage with content, share your own insights, and don’t hesitate to connect with professionals in the field. You never know; your next job offer might just be a DM away.
by Michael Bastin | 30 Sep, 2021 | Business, Business Tips, Professional Translation
Trademarks are significant intangible assets in today’s culture. A well-known trademark is a substantial source of income for a company.
In addition, a trademark serves as a visual representation of the company and its products.
As a result of the intense market rivalry, trademarks play a crucial role in concentrating products on the market.
To be successful in market competitions, all companies have a similar value system. As a result, trademark translation seems to be highly significant, and may have a substantial impact on a business.
If you want to expand your business abroad, here are the ways in which trademark translation can benefit your organisation:
Trademark translation can take you to a global market
A product’s brand name is critical. However, having a solid brand name alone isn’t sufficient. It’s vital to have an accurate and professional trademark translation.
Similarly, if you have invented a new product, you may wish to look into securing a patent for your innovation, as this patent will provide you with more protection, ensuring your company is secure for up to 20 years.
As a result of entering the World Trade Organization, China has seen an influx of international goods.
To succeed in the Chinese market, companies must translate their trademarks into Chinese as accurately as possible to attract consumers.
However, accurately translating trademarks isn’t always straightforward. The economic development that a business may experience with a successful translation of their trademark is enormous.
In order to file an application for a Chinese trademark, a certified translation of your prior trademark (in the U.K or the U.S, for instance) will be required.
Nevertheless, a trademark is unquestionably an effective marketing tool and symbol for a company.
It may also assist a business, allowing it to reach a broader global audience, and it can take you to a worldwide market.
Trademark translation conforms to the custom of target audience
The target audience’s customs should be followed while translating trademarks.
Chinese trademarks, for example, are often composed of two or three phrases, and these phrasings are aligned with Chinese tradition.
Traditional Chinese names and names of places are written and are comprised of two or three words at most.
This approach should be followed while translating trademarks from English into Chinese.
Once you join the Chinese market, the vast majority of your client base will be from China itself.
However, because these trademarks come from many cultural backgrounds, they must first be translated into Chinese.
They may gain market share and gain the trust of Chinese consumers if they have a competent trademark translation on their side.
As a result of cultural differences, individuals have various ways of thinking, temperaments, and interests when it comes to art and design.
Therefore, the specific cultures of the target nations should be reflected in the trademark translation.
Trademark translation complies with trademark law
Translations of trademarks must adhere to local rules and regulations, particularly trademark law.
This is because trademark legislations vary from country to country, you must be extra careful while translating.
For example, the word ‘citizen’ was rendered as ‘希奇准’ throughout the city. These three Chinese characters accurately and concisely define the product.
However, because of Hong Kong’s trademark laws, the brand name was rejected during the registration process. As a result of Hong Kong trademark legislation, ‘Citizen’ was later retranslated as ‘西铁城.’
Trademark translation protects the intellectual property
In order to differentiate one company’s products or services from those of another equivalent business on the market, trademarks are used. Intellectual property rights protect trademarks.
A trademark may be registered for national or regional legal protection at the national or regional trademark office by submitting an application for registration and paying the necessary fees.
The Madrid System of the World Intellectual Property Organization (WIPO) is an alternative to filing a trademark application in each country where you want protection.
However, it’s not easy to translate intellectual property. Since it involves so many nuances and linguistic subtleties, it requires an expert’s touch.
As there is a lot of complexity and subtleties involved in translating intellectual property, it’s best left to those with extensive experience.
Trademark translation brings huge profit
A trademark is unquestionably an effective marketing tool for a company. It may also assist a business in reaching a broader global market.
A good trademark seems to play a crucial part in conveying meanings, explaining the benefits of a product, and differentiating such a product from its rivals.
A good trademark may save a company a lot of money, while simultaneously generating enormous revenues.
As a result, businesses make no compromises when exploring the commercial attractiveness of trademarks from every angle.
Conclusion
To summarise, trademarks are critical to the selling of goods. When trademark translations are precise, they become a company’s intangible asset when it expands abroad.
Cultural and religious differences may have a significant role in the translation, so it would help if you prioritise these aspects while working on it.
Get in touch with us today, and receive a free, no-obligation quote!
by Michael Bastin | 28 Apr, 2021 | Professional Translation, Business, Outsourcing
As a successful UK company, you will naturally be looking to expand and make inroads in other markets, maybe ones that do not speak English.
Translation is, therefore, the next logical step, but the big question is, how much does it cost to translate a document?
There is no single answer to this as it will vary according to the industry, of course, but the good news is that are always high-quality translation services to meet your business’s budget.
Here are the things to consider.
Factors in the cost to translate a document
Factors affecting the cost to translate a document include:
- translation purpose
- language combinations
- word count
- turnaround time
- technical level
- file format
- frequency
Let’s examine each factor, so you know the translation services you need and where to build it into your budget.
Translation purpose
The questions you should ask yourself are: who is my audience? Is it internal or external? What level of understanding is needed?
The audience for your translation will affect the level of quality required and, consequently, the price.
Documents for public consumption should be very high quality, and the higher cost will include additional editing.
Internal documents, where understanding is more important than sounding perfectly natural, can be more cost-effective as they require less rigorous checking.
Post-edited Machine Translation is another option for keeping costs low. Here, a human translator revises and edits machine translations for texts that are accurate and at a lower price.
Some language combinations are more suited to this than others, but it works very well for Western European languages.
Language combination
You will probably be wondering by now what the cost to translate a document into several languages at once is.
This also can vary, as some language combinations are cheaper than others. For instance, translation into Finnish costs more than into Spanish as, typically, there are more translators working into Spanish.
The price also reflects the expertise that the professional native-language translators in our network offer.
How much do translators charge per word?
Translation services are generally priced based on the number of words in the source text. There can be discounts for repetitions within a text or matches from a previous translation.
BeTranslated can give a breakdown with your quote on request. You can also expect volume discounts for large projects.
If you are on a tighter budget, a better investment is to batch-translate to minimise costs over time.
How long does a translation take?
For quick translations, you can expect to pay more. But bear in mind that while quick translations can be convenient, quality and consistency could be affected.
A fast turnaround is more logistically demanding, so it pays to plan ahead and leave plenty of time for a translation that meets your exacting standards.
Our project managers can guide you through the standard translation process and the kind of time frame we work with.
We can customise the turnaround time in some situations, so please get in touch for more details. In addition, our network of freelance translators is worldwide, meaning one of our BeTranslated translators can meet your deadline, whatever the time zone.
Technical level
The more technical a document, for example, legal or medical texts, the higher the price point.
Here at BeTranslated, we understand that technical translations can be quite specific to the situation, so we work with our linguists to find the right terminology and involve experts from your company in the final word choice.
You can also provide a glossary to ensure consistency across texts.
What file formats can be translated?
Our CAT tools work with Word or Excel files, so any other file types will need to be converted, adding some extra time and cost to the process.
In addition, DTP tools like InDesign and Illustrator will need layout editing after language changes, which BeTranslated offers at an additional cost.
We also offer ICR (in-context review) of translated website content, which is billed by the hour.
How often do you need translations?
If you have frequent needs, BeTranslated can offer you some discounts and assistance with creating a translation memory (TM).
This is a tool that can help for regular projects as it is a database of your previous translations, so you can use the same vocabulary to ensure consistency and reduce costs.
It is particularly useful for content like product catalogues. BeTranslated will create and host your translation memory for you and use it in every new translation.
Your perfect translation
Now that you have a better idea of the costs involved in translations, you can decide what is the right option for your business and your budget.
At BeTranslated, we can help you streamline costs so your translated content is perfectly suited for its purpose and audience.
For your leap into the international marketplace, BeTranslated is there to guide you through the process. For more information or a free, no-obligation quote, contact us today.
by Michael Bastin | 22 Mar, 2021 | Business, Professional Translation, Translation services
It’s impossible not to notice the extent of which the world has changed, not only due to the pandemic, but also with the help of technological advancements.
Some of these changes that arose from the pandemic, are now past the point of irreversibility, which means we are solidly set in the digital age, whether that’s a good or a bad thing.
All kinds of industries have had to adapt to our new world and the new norm that is Zoom meetings, classes, and even parties.
The translation industry is no exception to this adaptation; requests for Zoom interpreting have become a common feature.
Why companies should embrace the digital shift
It is clear that, especially since the COVID pandemic, the economic, social and professional repercussions have been unlike anything we’ve known up to now.
A number of experts agree that habits adopted throughout the various lockdowns – such as keeping our distance and wearing face masks – will remain for a significant period, even now that the pandemic is over.
Likewise, the number of planes in the sky and trips away might be on the rise again but are unlikely to get back to the same levels as before the pandemic, particularly considering the extraordinary climate crisis and the increasing awareness of it among the wider public.
Consequently, remote working has increasingly become the norm. These days, it no longer surprises us to hear about companies who announce that they are saying goodbye to their expensive Silicon Valley offices and opting to work remotely full time.
These new ways of life are not a passing trend but will most likely mark the next decades of the 21st century – a century whereby a virtual, remote and socially distanced life is already second nature.
Any organisation unwilling to embrace the move online will run the risk of paying dearly for it.
Remote interpreting
Like the wider translation industry, interpreting is not immune to this situation. While some methods – such as simultaneous interpreting for organisations like the UN – are highly likely to re-emerge after the pandemic is over, the majority of interpretation services will take place remotely.
After a year of online corporate meetings between colleagues in different countries, we know full well that their smooth running no longer requires the physical presence of all participants.
Quite the opposite, as relegating these meetings to the past will mean companies can make significant savings on participants’ travel or hotel expenses.
Organisations have got to grips with this perfectly and are now investing in good-quality video conferencing software for better remote communication.
The boom in simultaneous Zoom interpreting is proof of that. Why fork out for a whole team’s travel when good Wi-Fi, high-performance video conferencing software and a PowerPoint translated into French or a PDF in German more than does the job?
Nevertheless, two aspects will make a world of difference: the quality of the interpreter’s work and how comfortable they are using Zoom in a professional capacity.
Zoom interpreting – 100% professional results
Do you want to organise a multilingual PowerPoint presentation for all your employees? Are you a company director giving an online talk to a group of international stakeholders? Or do you just want to seamlessly share ideas with a potential client or partner on the other side of the world?
Our qualified professional interpreters are experts in business interpretation – whether that is seminars, conferences, presentations, Q&As, meetings, or discussions – as well as trained in, and perfectly at ease, using Zoom.
This is what sets us apart from other agencies: with us, you can feel confident that we know our way around those pesky Zoom settings, guaranteeing smooth output and speech and no unwelcome disconnections or poor-quality images.
Our remote interpreters are renowned for their unimpeachable work.
These professionals, who work from the four corners of the globe and across time zones, are all experts in a chosen field, from IT or marketing to legal documents or medical texts. The quality of our Zoom simultaneous interpretation service is proof of their credentials.
Would you like to know more about our remote simultaneous interpretation services?
Contact one of our account managers to get a free, no-obligation quote.
