Communication is key in business, especially when dealing with complicated financial matters. Given changing demographics and globalization, financial translation services are an absolute necessity for your organization. Let’s take a closer look:
Financial Translation And Business Demographics
According to the U.S. Census Bureau on American businesses, a nation-wide census conducted in 2020 revealed that there were over 5.7 million firms representing every job field. Of these 5.7 million businesses, 1.2 million were owned by those whose first language was not English or by those who spoke a second language at home. More specifically, two languages were deemed the most prominent: Spanish and Chinese. Most of these recorded firms are publicly-traded businesses.
For public businesses within the United States, every company must follow industry-wide ethical principles when providing performance and investment reports to their clients and investors such as Global Investment Performance Standards (GIPS), and Generally Accepted Accounting Principles (GAAP). However, it is important to note that these standards only apply to domestic territory, and anything outside of that is ruled by IFRS standards for providing financial reports. The main goal of all three of these financial standards set for companies is to ensure complete financial transparency to investors and potential clients, which includes finding business localization services to ensure that every owner, client, and investor can successfully comprehend financial reports.
Financial Translation and Investor Demographics
As of 2021, 32.9% of all investors in the U.S. were surveyed to all be of diverse backgrounds. Demographic trends of the same study published by the U.S. Census Bureau also show a steady increase in the diversity of investors across the nation since 2010. More specifically, of these 32.9% of investors surveyed, 5 other languages aside from English prevailed to be the most preferred method of communication for non-native English investors and clients. The breakdown between the 5 languages shows that 36.1% of this sector of investors spoke Spanish as their dominant language, 12.9% spoke a form of Chinese, 11.6% spoke French, 5.4% spoke Japanese, and the remaining 34% was fulfilled by a wide range of additional foreign languages. This increase in the diversity of investors and clientele across the United States highlights the need for more inclusive financial language services to be provided.
Encouraging the implementation or employment of certified financial statement translators allows for complete transparency on the status of a public business’s performance and investment report. If professional business translation services are not provided to business owners, investors, and potential clients, the risk of losing current global status and potential international clients dramatically increases, as key players depend on these performance and investment reports to make informed decisions.
Language Connections And Business Translation Services
Here at Language Connections, we offer custom translation services for all of your financial statement needs throughout the year, whether your report is quarterly or annually. We strive to ensure that your business meets GAAP or IFRS transparency standards by providing clients with financial language services using specialized translation services through our team of qualified linguists. With over 30 years of experience providing quality investment report translation services, you can ensure that your North American business will abide by transparency guidelines through the utilization of our translation and localization services here at Language Connections.
About Language Connections:
Language Connections is one of the top language service companies in the US. Over the last 30 years, we’ve focused on providing the best business translation services, interpreting services, as well as interpreter training and customized language training programs. In addition to top-tier corporate language training, we offer certified corporate interpreters and professional business translation services in 200+ languages. Our network includes linguists with backgrounds in all major industries. They’re ready to meet your needs, whether they’re for technical translation services, legal translation, government translation services, international development translation services, education translation services, life sciences translation, or something else. Reach out to us today for a free quote on our cost-efficient and timely translation services, interpreters, or other linguistic services.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135