Financial Reports are formal written records of the financial activities and performance of a person, business, or entity. This provides vital information of the organization’s financial position, cash flows, and earnings potential. Financial reports are usually audited by authorized organizations such as government agencies, firms, and accountants for accuracy and tax filing purposes.
Why Financial Reports are Important
Financial statements are legally required in most countries. Without Financial Reports, a company has no way to effectively gauge how a business is performing. These reports are critical in making strategic economic decisions, planning and marketing strategies, debt management, etc.
What is Financial Translation?
It refers to technical translation which involves conversion of financial documents, statements and reports from one language to another. Financial translation is performed by an expert financial translator who has an in-depth grasp of terminologies used in the area of finance.
Why Do Financial Reports Need Translation?
Financial Reports may need to be translated in different languages for publishing. Multinational companies may publish their accurate financial statements to attract and engage with interested entities, such as investors and the news industry.
Financial translation is needed by multinational companies that have operations stretched across the globe who submit business reports, plans, and forecasts to their local headquarters abroad.
Financial report is one of the extremely important documents that needs the highest quality of translation from its mother tongue to another language as it contains integral information about the company.