Translation agency for professional accountants
Translating annual reports and financial statements
Financial translations for professional accountants quickly bring to mind annual reports and financial statements. Nevertheless, the types of financial documents that need to be translated for accountancy firms are very diverse. In order to achieve the best end product when translating an annual report, it is advisable to use a specialist financial translation agency. This agency always has two translators working on your translation, i.e. a translator who’s a native speaker of the target language and a translator who’s a native speaker of the source language. Why this is, is set out in this blog.
Translating auditor’s reports
The NBA’s website contains a statements generator. English translations of auditor’s reports, review and compilation reports can be found here. The NBA recommends that professional accountants use these Dutch and English sample texts. These are based on the applicable standards. However, as soon as a non-standard report is issued by the professional accountant, a translator is needed. It is advisable to use a specialist translation agency in such cases. The translators at a financial translation agency know the recommended terminology and ensure that the translation of the non-standard report is in accordance with the wording and terminology in the international standards. If standard terminology and jargon is not used in the translations, the professional accountant still has a lot of work to do revising it, or it is not well received by the accountant’s client.
Payroll accounting, bookkeeping, payroll tax & social security
You also need a specialist translation agency for the translation of line items in accounting records or a payroll system. After all, these are often rather specialised descriptions and abbreviations. A financial translator has accounting knowledge and knows which questions to ask in case of ambiguities. Financial documents on payroll tax and social security must sometimes be explained in the translation. The system in the Netherlands differs from that in other countries. This means that the translation may need to explain certain terms and make comparisons with the system in the other country. For example, if “loonheffing” is translated as “payroll tax”, it must be explained what this covers in the Dutch system.
“A financial translation agency where they know that ‘accountantsverklaring’ should be translated as ‘independent auditor’s report’.”
Major events with financial impact
Events with a major economic or financial impact can result in emergency measures, such as aid packages. We have seen this happen, for example, because of the corona pandemic. In the Netherlands, these include NOW, Tozo, TVL and TONK. Accountancy firms are often involved in the application process. This also applies to companies where the working language is not Dutch. Often, official information is minimal or not yet available in, for example, English. It is therefore advisable to use a specialist translator. The translator has already kept track of what’s being published about such regulations in the source and foreign languages. And, as mentioned above, the translator knows how to explain terms in the translation, where necessary. A specialist translation agency also has the right expertise, for example, about the terminology to be used in reports in uncertain times. An example of this is the terminology from the publication of the Financial Reporting Council and NBA Alert 42.
Translating M&A and due diligence documents
Many different types of documents are involved in a merger or acquisition: from due diligence reports to documents in a data room. In order to translate these financial documents, knowledge of the field and terminology is essential. In addition to translation, localisation is also required. In case of localisation, the financial translation is adapted to the policy in the country of the target language. The confidentiality of information is essential during a merger, acquisition or due diligence. Fiducia also works with a secure portal, so you can rest assured that all documents are safe with us. Document management is also an important aspect; we can take care of this for you as well.
Are you a professional accountant and do you need a financial translation? At Fiducia, we can assist you quickly and professionally with any (translation) request. Feel free to contact us! We will be happy to explain what we can do for you.