Financial statement translation is an important service that enables parties to know the financial performance of a company, thus helping them make many appropriate decisions. This prevents companies from facing fines or legal problems. Therefore, you need specialized translators who have a superior ability to perform this task without errors. In this article, we will learn about financial statement translation and the best company that provides this service in Abu Dhabi.
What is a financial translation?
Financial translation is the process of translating the reports that companies prepare to present their financial position and economic performance over a specific period into any language the client wants, taking into account accounting terminology and data accuracy.
The process of translating financial statements requires translators specialized in this type of translation, who have extensive experience with all accounting terms, so that they are used in the translation correctly and accurately.
Financial translation facilitates dealings with many official bodies such as customs, taxes, banks, and other authorities. It ensures that the statements comply with international standards, which facilitates many operations and allows for an understanding of the company’s financial situation.
The importance of translating financial statements
The importance of translating financial statements is as follows:
- Ease of communication between parties and understanding the company’s financial situation, which helps reduce misunderstandings and facilitates cooperation between company members.
- Enhancing credibility and trust between partners, because translating financial statements helps in complying with accounting laws and international standards.
- Translating the financial statements of companies helps in exploring new markets and expanding their business on a large scale, which provides them with many investment opportunities.
- Ease of financial audit processes, which contributes greatly to providing a practical and clear structure for accountants and helps them save a lot of effort and time.
- Protecting the company from legal risks that result from errors in the data, which greatly reduces potential risks.
- Ensuring the company’s compliance with financial laws, which makes it avoid any deterrent penalties or legal problems.
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What are the methods of translating financial statements?
There are several methods that can be used for financial statement translation. These methods are as follows:
- The temporal method which relies on using exchange rates according to the time period, where assets are translated at the current exchange rate.
- The current/non-current method where current items are translated at the current rate, while non-current items are translated at the historical exchange rate.
- Using the current exchange rate method for all financial items, which includes expenses, assets, revenues, and liabilities.
- Translating monetary items at the current exchange rate, while non-monetary items are translated at the historical exchange rate.
The importance of accuracy when translating financial statements
The importance of accuracy in translating financial statements is as follows:
- Understanding and conveying financial information accurately and correctly to partners or government agencies.
- Avoiding financial or legal problems such as lawsuits or fines.
- It helps in effective communication with partners because it works to convey information in a language that is understandable to them.
- It helps companies comply with international and local regulations and laws.
- Translating financial statements contributes greatly to building credibility and trust with partners and investors.
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The best translation company for financial statement translation in Abu Dhabi
Alsun legal translation services Abu Dhabi is one of the best companies specialized in translating financial statements in Abu Dhabi, because they have extensive experience in this field and are committed to providing the highest standards of quality and efficiency. They are also keen to provide their services in a certified and reliable manner to ensure their acceptance by official bodies.
Why choose Alsun for financial statement translation services?
There are many advantages that make you choose Alsun for financial translation services. Among the most prominent of these advantages are:
- Alsun includes a team of translators specialized in the field of translating financial statements, who have extensive experience in the field of accounting.
- It has more than 15 years of experience in the field of translating financial statements, including financial contracts, tax reports, and financial statements.
- Alsun is committed to delivering projects to clients on the specified date, taking into account accuracy in performance.
- Alsun provides financial statement translation services in many different languages to meet the needs of all clients.
- Alsun is keen to use the latest technologies to move quickly and accurately.
- Effective communication with clients in case of any unclear or incomprehensible points.
- Searching in books or sources for any information that helps them in the translation.
- Seeking the help of experts in the field of translation to ensure an accurate and reliable translation.
- Continuous training for translators in many fields to ensure the improvement of their skills.
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Types of financial statements that we provide translation for
Alsun document translation services works on translating multiple types of financial statements. Among the most prominent of these statements are:
Balance sheets translation
Balance sheet translate means translating the assets that the company owns, what the company owes, and knowing the net worth of the company within a specific period. Alsun offers this service to know what the owners of the company own, and to know its financial situation and whether it is able to pay its obligations or not. A translation adjustment balance sheet can be made to unify the company’s data and help investors understand the company’s financial performance.
Income statement translation
Alsun also provides income statement translation service, which means translating the financial statements that represent the company’s profits and losses, and clarifying the net loss and profit. The goal is to know whether the company covers its expenses and to reveal its losses and profits over a specific period.
Cash Flow Reports translation
The translation of cash flow reports provided by Alsun is the translation of reports on the movement of cash in and out of the company, taking into account the accuracy of the data and choosing the appropriate financial terms. Its importance lies in communicating effectively with government agencies and with investors, and it also helps in making many correct decisions that support expansion and growth in new markets.
Financial statement translation online
Online financial statement translation means translating financial statements accurately to avoid legal problems and to ensure compliance with international standards, which helps in making crucial decisions for the company. The translation should be reliable and certified, and the correct certified translation of financial statements ensures effective communication between all parties.
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How do we translate financial statements at Alsun?
There are many steps that Alsun follows to translate financial statements. These steps are as follows:
- Choosing the financial statements you want to translate, whether it is the statement of equity, the income statement, or the cash flow statement.
- Choosing the translation method, whether the temporal method, the current and non-current items method, or the monetary and non-monetary items method.
- Determining the exchange rate for each item and according to the chosen method.
- Translating into the required language, while preserving the original meaning of the text and the accounting terms.
- Performing a review and linguistic proofreading to ensure the accuracy and correctness of the translation.
- Authenticating the translation through the competent authorities to ensure its use for official purposes.
Get financial statement translation in more +75 languages
Alsun provides financial statement translation services into more than 75 languages, taking into account the commitment to accounting terminology and ensuring high accuracy. The translation is done by translators specialized in the field of financial translation, who are able to meet the needs of all clients and are committed to delivering to clients on the specified date.
Among the most prominent languages are Arabic, English, French, German, Turkish, Chinese, and Italian. You can now get financial statement translation from Alsun by visiting one of their branches, or by contacting them via email, choosing the language you want to translate into, and the customer service team will respond to all your questions and inquiries.
How to order?
You can easily request Alsun’s translation service by sending your documents via email or contacting us directly through phone or WhatsApp. You will receive clear price quotations along with a specified delivery time, ensuring accurate and professional translation that fully supports your needs.
Conclusion
Translating financial statements helps in making many appropriate decisions by enabling parties to know the financial performance of the company. Therefore, if you are looking for certified and reliable financial statement translation services, do not hesitate to contact Alsun, which is one of the largest leading and specialized companies in the field of financial statement translation. It also has a specialized team in this type of translation, which ensures you get a certified and reliable translation from official bodies at competitive prices that are unmatched compared to other companies.
FAQs
Financial statements are translated through companies specialized in the field of translation, who have translators specialized in this field, and who have extensive knowledge of all financial terms and concepts, and are able to prepare financial statements with accuracy and professionalism, like Alsun.
Yes, the translation of financial statements needs a certified stamp because most of these statements are submitted to government agencies, and this stamp serves as a guarantee that these statements conform to the original, to ensure their acceptance by official bodies.
Yes, the translation differs according to the country or accounting standards, as this difference greatly affects the correct translation of the data, and this is an important matter for making many administrative decisions.
The time it takes to translate financial statements varies according to many factors such as the complexity of the statements, their size, the translator’s experience, and the language you want to translate into. It usually ranges between 24 to 48 hours.