Learn why you should invest in a professional translation service to translate your annual report to reach your stakeholders across the world.
The annual report is a critical document that a firm must submit during the year. As a result, a business's message must be clear and understandable to all stakeholders.
Everyone, regardless of their native language or background, should be able to comprehend the annual report's content.
We've compiled a list of 13 compelling reasons to have your annual report professionally translated:
Since 2005, all publicly traded companies have been required to use the updated accounting rules known as International Financial Reporting Standards (IFRS). Translating annual reports, therefore, necessitates having the appropriate experience to translate IFRS-standard financial statements.
There are almost a limitless number of industries, each with its own distinct traits that may be seen in annual reports. Therefore, the translation company must be well-versed in industry-specific definitions and terms. In addition, it should be able to understand the jargons used in company-specific financial statements.
The choice of words and phrases must communicate the appropriate level of formality for a given industry. For example, annual reports published by major oil companies are written in more formal language than reports from restaurants and pubs.
Timing is critical for the translation of annual reports. Therefore, as organisations compile their annual reports at the end of the financial year, the translation agency must ensure that translations are completed promptly to avoid any delay in publication.
If it is not required by law, certification of the translated document provides additional confidence for those reading and relying on the information presented in the document. The translation agency can help your company decide if the annual report should be certified. Certification can add an additional cost to the overall price of translation.
The annual report's readers come from a wide range of professions and backgrounds: they might be the Prime Minister, President, or plumber, to name a few. Aside from that, the firm may have international stakeholders with various life experiences. So, it's also critical that the statement be understandable and instructive to all readers without distorting or shifting the original material.
The annual report is important in helping a firm establish and preserve its reputation. This also has an impact on the market's and readers' perception of a firm. In addition, the firm's investment in its annual report shows the company's dedication to clients and investors in various ways. Thus, the annual report is an excellent instrument for developing and maintaining business relationships.
Confidentiality and data security are two of the most crucial concerns for a firm to address. Because of this, they must also be given top priority by the translator and translation service. The client must be able to rely on the translation firm completely. In the same regard, the translator or firm must safeguard the client's interests and ensure complete confidentiality at all times.
It's one thing to ensure that definitions and terms are correct and consistent. But ensuring that statistics are correct is at least as essential. When it comes to financial documents, no figures are changed, deleted, or added – otherwise, the entire document would be incorrect and give wrong data. The translation company must understand exactly how to use decimal marks, dates and currency codes to ensure that the report is consistent across cultures from beginning to end.
The translation agency has a wealth of experience and knowledge. For example, it knows how to find out more about international accounting principles and norms; it can provide you with tips on best practices in financial reporting. In addition, it is familiar with the key terms within the relevant industry.
The annual report is the company's key to communicating its success for the year. And since it presents a 360-degree view, the translation must provide a complete and thorough assessment. There are many different aspects to consider here: What exactly does a balanced budget look like? How do you judge a successful strategy? What can consumers learn from the report?
Having a professional translation agency localise an annual report can serve as an ideal introduction to the company and its work. This means that the relationship between client and translation company can be extended to other fields, such as, for example, translations of marketing materials and website texts.
Making sure that cultural factors, language, and concepts are adjusted to local markets is another important reason for a company to translate its annual report professionally. In this way, the annual report can be translated directly into the different target languages to match readers' expectations in specific countries.
It is valuable to invest in a professional translation of your annual report. Moreover, it assures you that a professional service will accurately and consistently present the information. On the contrary, a poor translation might create complications and possibly have a detrimental effect on the company's reputation.
Choose a professional translation agency, like Semantix, and save your company the headache of dealing with reputation damage.
