Opening up to international trade and the digital world in general has made business English a key element of success for companies and professionals. Its importance lies in the fact that one out of every four people in the world communicates in English, no matter if it is their mother tongue or not. At FAST.txt we explain some of the most important concepts in this field.
Financial English enables business engagement
English enables companies to engage in business and work relations with more than 1.5 billion English speakers worldwide, according to a study by the University of Düsseldorf. For employees, mastering English gives them access to publications, courses, studies, updated information and better (and greater) opportunities for job growth.
Today, more than just a competitive advantage, financial and business English has become an indispensable requirement for boosting the professional and social success of individuals and companies. Thus, some of the benefits of financial English include:
- Access to better job opportunities, inside and outside the country of origin.
- Gaining confidence to make a presentation or negotiation
- Better performance in a job interview
- Improving the company’s relationship with customers and suppliers
- Better access to global market information, as the main sources of financial information are English-language publications.
- Ability to negotiate with international companies
- Financial reporting for multinational companies
- Presentation of annual results in public companies
On the other hand, it is important to understand that fluency is not enough to understand the technical terms of the financial sector. Although having a good knowledge of English is essential for the financial area of companies, it is not enough for the day-to-day work of professionals in this field.
Even if you are fluent in a language, you may not understand all the specialized terms. Therefore, employees in the financial area of a company are unlikely to understand all the terms in news articles, business reports and during important meetings with foreign clients. So, to combat this problem, the solution is either to invest in professional English courses focused on the needs of your employees or to hire financial translators.
The importance of financial translation for companies
The large number of files and financial documents held by companies leads to the need for financial translation services.
In today’s world, characterized by technology and especially by globalization, companies, regardless of their nature, are forced to constantly adapt. Documentation is one of the business areas most affected by this globalization, as language is often a barrier.
As a result, more and more companies are turning to translation agencies to solve the problem of interpreting documents written in a foreign language, such as English. However, nowadays, languages such as German, French or even Chinese are becoming increasingly popular in major international companies.
What are the advantages of having financial translation services?
- It allows the company to expand its frontiers. The possibility of translating documents into foreign languages allows the company to expand its professional frontiers. Thus, it can contract services with suppliers and companies from other countries, expanding, perhaps, the volume of business and the number and importance of its clients and profits.
- It ensures the privacy of the documentation. Most of the time, the documentation that needs to be translated is always important. Therefore, having the services of a financial translation agency guarantees that the documentation is preserved in a safe place and is not at risk of loss or theft, thus increasing the security of the process and the company’s own peace of mind.
- It increases the company’s competitiveness. Being able to translate economic and financial documentation means that the company can face all types of business and processes, without sacrificing any of them and increasing its market share. In addition, it allows the company to differentiate itself from other similar companies in the sector that could be direct competitors.
- It increases efficiency and saves money. Hiring the services of financial translators ensures their expertise, which is a great advantage and, above all, ensures speed and efficiency. The specialized terminology of financial documents makes their translation more complicated, due to all the specific fields involved. The knowledge and experience of financial translators saves time, which will have a positive impact on the overall performance of the company. In addition, it also saves money, as a bad translation could lead to loss of money, partners and potential customers as a result of the loss of trust and confusion caused in the translation process.
At FAST.txt, our translation agency, we have experts in economic and financial translation in Spain, as well as other services for specialized areas. Don’t miss the opportunity to improve your business and adapt to the globalized world in which we live