Although they are often used as related terms, financial translation, economic translation, banking translation, and accounting translation do not refer to exactly the same type of content.
The difference lies mainly in the scope of the document, the terminology used, and the purpose of the information.
What is financial translation?
Professional financial translation covers content related to the finances of a company, an investment, or a financial transaction.
This may include financial reports, investor documentation, profitability analysis, forecasts, management reports, or information related to financial markets and products.
It is, therefore, a broad category within specialized translation.
A report on a company’s financial performance? That would fall within this field.
What is banking translation?
Accounting translation specifically relates to information that reflects a company’s financial situation and results.
This includes documents such as:
- balance sheets;
- profit and loss accounts;
- cash flow statements;
- accounting books and records;
- notes to financial statements;
- annual financial statements.
Accounting terminology must be tailored to the content and the target market. Concepts such as assets, liabilities, equity, amortization, or provisions have a specific meaning within these documents.
And banking translation?
Banking translation focuses on content specific to banks, financial institutions, and bank transactions.
For example, it may include documentation on accounts, loans, financing, guarantees, interest rates, transfers, or bank products.
It can also appear in business projects. A company negotiating financing with a foreign entity may need to translate banking documentation even if the rest of its documents are not strictly banking documents.
What does economic translation include?
Economic translation has a broader scope and can include content related to economics, trade, markets, economics policies, or industry analysis.
A report on inflation, international trade, or the evolution of a sector would be considered economic content, although not necessarily financial or accounting content.
This distinction is important because an economics document is not always financial, and a financial document is not always accounting.
So, what kind of translation does a company need?
It depends on the content.
If it is a matter of annual accounts, the accounting component will be particularly important. If we are talking about a loan or a transaction with a bank, it will be closer to the banking translation. A presentation for investors will have a financial focus, while a study on the evolution of a country’s economy will be primarily economic.
A company may need all four specialties at different times.
Therefore, when hiring a financial translation service, it is best to first identify what type of document will be translated and what specialized knowledge it requires.
Specialized financial translation with blarlo
At blarlo we work with professional native translators specialized according to the sector, the type of document, and the target language.
As an agency specializing in financial translation, we manage financial, banking, accounting, and economics projects for companies that need to use their documentation in different markets.
Blarlo also has ISO 9001 and ISO 17100 certifications.
Frequently asked questions
No. Accounting translation focuses on accounting documents and concepts, while financial translation covers a broader field related to finance, investment, and financial management.
Banking translation specifically relates to banks, bank transactions, and banking products. Financial translation also includes investments, results, markets, and other financial content.
They are primarily considered accounting documentation, although they are part of the broader field of financial translation.
It depends on the content. It is important to select a professional native translator with specific experience in the relevant financial, banking, accounting, or economics field.
Are you unsure what specialization your documentation needs? Request a quote and tell us what kind of content you need to translate.
blarlo · professional translation agency certified with ISO 9001 and ISO 17100 · blarlo.com
