How Much Should Translating Financial Reports Cost You?
With new government regulations mandating reports to be produced in English, many are turning to translation agencies only to be taken aback by the steep prices. Amidst the search for better deals, a burning question arises: Where is the money really going? And do translation agencies outsource?
I often hear from clients expressing shock at the hefty fees associated with translating financial reports. These reactions aren't surprising. Since 2019, the Financial Supervisory Commission's incremental policies have required a growing number of companies to produce English versions of their financial statements, annual reports, and meeting minutes. Many of these clients have found the price tags from translation agencies to be more than they anticipated, prompting them to question the breakdown of these charges. In this piece, we'll delve into the typical processes of translation agencies when working on such reports.
What Drives the Cost of Translation?
When agencies provide quotes, they're influenced by several elements. First off, financial reports aren't your run-of-the-mill documents. They're chock-full of specialized terminology and technical jargon. Ensuring a precise and professional translation requires tapping into a small pool of translators with direct experience or academic backgrounds in finance/accounting. This rarity means they can command higher rates, costs which agencies then are forced to pass onto their clients.
Furthermore, the quality assurance typical for financial documents are far more stringent than average. To guarantee the caliber of the English version, iron out inconsistencies, and prevent any mishaps with figures and dates, agencies usually are required to conduct a meticulous "post-translation review." This procedure, carried out by seasoned pros, scrutinizes every line and identifies sections needing further refinement, driving up expenses.
Additionally, given the strict submission deadlines for financial and annual reports, translation agencies face a time crunch. They must rapidly mobilize resources, whether it's for translation, review, layout design, or even printing. Translators available within these tight windows can therefore charge a premium. This urgency is factored into the prices you see.
Typically, a seasoned translator might ask for 1.5 to 2 NTD per word. Throwing in quality checks or edits can tack on another 1 to 2 NTD for each word. The costs for a translation company, which include coordinating with translators, managing projects, curating vocabulary, and picking the right translator, sum up to the aforementioned.
Do Agencies Further Outsource Their Translations?
To handle the influx of translation demands during peak seasons or cater to specific professional documents requested by clients, translation agencies rely heavily on freelancers. They might either outsource just the translation part (keeping reviews in-house) or subcontract the whole project. This is a common practice for both major and boutique agencies in Taiwan. With sensitive materials like financial reports, agencies lock in confidentiality agreements with their translators. This ensures that everyone in the chain is accountable and bound by clear legal duties.
To sum it up, the costs for translating financial reports are primarily influenced by:
- The scarcity of translators with the necessary expertise
- Rigorous quality checks that come with their own price tag
- The urgency that sometimes forces agencies to go with higher-priced translators
As a product manager at ByteLingo, I've had countless conversations with clients about their budget worries. A recurring theme is the puzzlement over why financial reports have a higher word rate compared to generic documents. Through this article, we hope to shed some light on the hurdles that translation agencies navigate for professional report translations. In terms of outsourcing, we partner only with reputable freelancers and bind them with robust confidentiality agreements to maintain the integrity of the content. If you have unique needs or reservations, please reach out. At ByteLingo, we're always ready to adapt our offerings to best serve you.
