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The turnaround time for translation is influenced by a variety of factors, among which the speed of human translation is not the only and most important one. Translating is a complex and time-consuming process, it is filled with hidden obstacles and potential delays. However, quality cannot be evaluated by checking the speed of the work.

Here are some of the major factors that influence turnaround time.

• Language Pairs

The choice of language pairs being translated may affect the turnaround time. The complexity depends on the difference in languages, their rarity and frequency of use. For some of them, it is difficult to find an equivalent for translation or to convey a thought correctly. Languages that are relatively rare may have a higher translation cost and a longer turnaround time.

• Size of Project

This is not surprising, but the bigger the volume and the more words in your text, the longer it takes to translate it. Plus, it’ll take more time to check. And maybe you will even need multiple translators that have a consistent output for more fast and more quality process.

• Complexity of Project

A translation project’s complexity and scope can have a significant impact on the speed because some projects require a higher level of expertise than others.

If your document contains a lot of technical words, manufacturing terminology,  abbreviations, or in-depth explanations, your translator will need time to research them or to have an experience in that specific background. For example, medical or legal documents often demand an extended timeline, so the more a text is specialized, the longer it will take to translate. Similarly, translators who specialize in certain types of projects will be able to complete them at a faster rate and more likely will choose each word meticulously to ensure that nothing is lost in translation. 

Moreover, the quality of the source material will factor into the time.

Also due to the complexity of the task the translator may have some questions. The client’s response time and the number of such questions can speed up or slow down the translation process.

• Access to Translation Tools

Some companies use translation tools or other technology to reduce the workload of the translator, which in turn reduces turnaround time.

Having access to approved glossaries, software or spellchecks can significantly reduce a translator’s workload and ensure greater consistency across projects. If a document frequently uses the same words or phrases, it will require less effort and time to translate that document as a translator can reuse something and be able to save time.

• Formatting

Formatting also plays an important role in determining turnaround times and can significantly delay the completion of the translation.

Depending on which application is used and what format of the end result is needed, the translation process can take different amounts of time. For example, the translation process will take longer if a document is sent as a PDF rather than as a Word document. Moreover, if the document contains non-editable images, graphs or tables that also require translation, the process will take much longer.

If possible, plan your time in advance so as not to rush yourself or the translator and the desktop publisher. Due to the many factors involved in producing a high-quality final product, it is important to give them ample time to complete the task.

Translating documents is a useful tool for communicating with customers and partners in a foreign language and for complying with local regulatory, financial, and legal requirements or to support international trade. Thus, global financial companies should localize their documentation in order to ensure that all communications are appropriate and accurate.

Business financial records require localization, especially quarterly and annual reports (which contain confidential information, so make sure to sign a non-disclosure agreement with your translation company). Also, it is essential to translate and localize tax reports and documentation precisely so that every detail is accurately addressed.

We’ll introduce you to the financial documents that most often need to be translated and localized and why.

• To ensure that investors have access to current account information in their native languages, asset management documents should be localized.
  The client should understand all of these documents, including performance reports, asset management policy documents, and summary prospectuses.
• Providing localized versions of the following documents will help to meet the demands of clients throughout the world of the insurance industry.
  As well as insurance agreements, certificates of insurance, and claims reports, there is also a complex process of submitting a claim or a loss report without localization and clear translation.
• Most commercial bank documentation must be translated into the local language due to the large number of people using international banks around the world.
  Among the documents that commercial banks have to translate are applications (account applications, loan documents, and other banking forms), information about accounts and cash flow statements, and privacy policies. This requires that all of the bank’s policies be localized and accessible to customers.
• Investment banks must also ensure that their documentation can be translated efficiently and accurately into local languages.
  M&A forms, pitch books, and corporate governance are several documents frequently used in investment banking that require localization in order to ensure the correct message is conveyed to all stakeholders.

There are a variety of documents that need to be localized for clients, ranging from claims and reports to different types of bank documentation. In order to ensure that financial translations conform to the highest standards, financial reporting standards and business regulations, they should always be carried out by qualified professionals. Translated and localized financial records for a company must also be presented in a clear and correct way.

While expanding your business internationally, it is important to choose the correct language. So, which languages are in the highest demand for transcription?

1. English
   Around the world, there are 1.452 billion native speakers of the English language. Furthermore, it is spoken as a second language by a larger number of people.
   Therefore, English is the international business language. Translation and transcription are crucial for businesses that don’t speak English as they expand beyond their home country.
   English makes up over 80% of the data on the world’s computers. As a result, proficient transcription is crucial for business.
2. German
   German translation and transcription services are likewise in great demand.
   Companies from all over the world have a good opportunity of doing business with German companies because it has the largest economy in Europe. It is one of the main reasons for the high need for quality transcription.
   German-language, goal-oriented business transcription is increasingly in claim across a variety of industries.
3. Spanish
   The Spanish language ranks as the second most extensively used language worldwide. Additionally, for transcribing, it is the most widely used language.
   Spanish is spoken in more countries than any other language on the globe. Around 20 countries mainly speak this language.
   Especially in terms of economic expansion, the Spanish-speaking world offers a wide range of business options. The Spanish language is very likely to be encountered when operating overseas.
   Thus, this is the most popular language for skilled and experienced translators.

It is well known that to correctly transcribe any language, you must possess cultural insight and a thorough understanding of social expectations. This is why you should choose a transcribing service with care.