Annual report is the most important document a company prepares during a year. It is therefore important that the annual report is communicated succinctly and accurately to all stakeholders, independent of language or background. We have therefore identified 6 reasons to invest in a good translation of an Annual Report:
1. Specific accounting terminology
All Chinese enterprises are obliged to comply with the accounting standards in China. It is therefore important that the Chinese translation agencies have the competence to translate the annual report so that the specific accounting terminologies are taken care of, and the guidelines set by the relevant authorities are followed.
2. Industry Knowledge
There are 1500 different industries in China, all of which have unique characteristics which normally are expressed in the annual report. It is therefore necessary for the Chinese translation agency to acquire a thorough expertise in industry-specific definitions and terminologies.
Stakeholders and customers who read the annual report have all different backgrounds and readers can be from any industry. In addition, the company may also have international stakeholders with diverse backgrounds. It is therefore important that the Chinese translation agency conveys the message of the annual report so that the translation is appealing to the various readers, but also that the content of the original are preserved in the translated report.
4. Quality assurance
The annual report is a basic document for creating and maintaining the company’s reputation, which may also affect the market and readers’ perception of the company. The effort the company put down in the annual report reflects in many ways the commitment they put down to their customers and investors, and is a sophisticated tool for maintaining relations with them.
5. Confidentiality and data security
Confidentiality and security are some of the most important factors for a company to take into account. It is important that Chinese translators and Chinese translation companies also have this on their list of priorities. It is therefore important to use a Chinese translation service provider in which the company has 100 percent confidence, and that can safeguard the company’s security interests and ensure full confidentiality.
6. Comfortable with figures
One thing is to ensure that the definitions are translated correctly and consistently, but when it comes to financial numbers and finances this is at least as important – if not more important! They can not move, delete or add numbers when it comes to translating financial documents, otherwise the entire document may be inaccurate and may provide wrong information. It is therefore important that the Chinese translation agency knows how to use decimals, dates and currencies, and how this is handled in different countries so that the report maintains consistency throughout the document.
In short, it is necessary to invest in a good translation of the annual report, so that information is reproduced and translated both accurately and consistently. Failure to do so may lead to serious errors and thereby harm the reputation of the company. In other words: Make sure the company you use is a professional Chinese translation services company.