Today, international economic connections play an essential role in the development of business processes. There is a constant necessity to communicate with foreign partners, especially in the modern globalized world. Economic documents act as blood circulatory system within the international economic relationships. That is why economic translation occupies a central position when it comes to dealing with international partners, and makes high quality translation one of the essential conditions of company’s international success.
What is an economic translation?
Economics translation is a translation of materials related to economic, currency and tax fields, such as:
- translation of business plans
- translation of accounting documents, financial statements, balance sheets, declarations
- translation of the auditor's report
- translation evaluation expertise
- translation of bank documents, leasing contracts, credit contracts, loan contracts, mortgage contract
- translation of insurance contracts
- translation of marketing researches
- translation accompanying papers of the various products
- translation of price lists, labels, packing sheets
- translation of financial and business literature
Special aspects of economic translation
The main aspect of economic translation lies in full accordance of characteristics and parameters (accuracy of the translation, style, and meaning) of translated document to the original material. The translation must be adapted to suit the demands and requirements of target audience. Every day new business terms are invented, but they could penetrate into foreign languages a lot later. A translator who focuses on business translation has to be familiar with all linguistic novelties, meaning of new terminology and its usage. For this reason, a specialist should create a glossary of economic and financial terms, which should be updated and enriched by new words on a regular basis.
Economic translation is rather difficult because economic materials are filled with diagrams, tables, abbreviations, figures and formulas. For this reason, a translator must have solid knowledge in financial, economic, audit, bookkeeping and marketing. Furthermore, translation of business documents needs specific knowledge of international economic standards.
It is difficult to overestimate the meaning of high-quality economic translations because no high-profile events can be conducted without professional translators, not to mention World Economic Forums and Summits. Special aspects of economic translation are accuracy, strong work ethics, emphasis on numbers and facts, etc. These are the most important and necessary skills for translators who work in this field. Furthermore, inaccuracy and omissions have severe consequences, and there is no place even for a slightest error within the material.
If you need the services of economic or business translation, you should not avoid the temptation to save too much by using services of general translators or relying on someone inexperienced in the field. With such sensitivity of the material, it's easy to understand that such documents must be handled by professionals. That's where Polyglot offers assistance to you. It is easy to find a certified specialist using this platform. A system of ratings helps you conduct the first selection of candidates, and after that, you can check the linguist’s certificates and previous work experience. Then by choosing a translator for your task, you can easy contact the candidate and discuss the matters further. Moreover, to make sure that both clients and freelancers are secured from potential issues, our team has developed a special service called the “Safe Deal”. It ties money to the virtual account until both parties confirm the completion of the project in order to avoid potential fraud and misunderstandings.