Essential Things About Financial Transcription Services

Posted by Gummy Tran on June 24, 2022.

As the financial sector is global, the use of accurate financial transcription services is crucial to ensure the industry’s smooth running. 

On the surface, financial transcription is simply transcribing spoken words within the finance sector and then translating the resulting document into another language. In reality, this is one of the most complicated and challenging areas of translation and financial analysis, and it should be handled only by qualified experts.

What Are Financial Transcription Services Involved?

What You Need To Know About Financial Transcription Services

Financial transcription services involve turning audio and video files relating to finance, accounting, and economics into written text. The materials for transcribing might be reports, analyses, findings, and other economy-related files. Although this type of transcription is similar to general transcribing, it requires specialized skills such as interpretation, concluding, and presenting data in charts, graphs, and tables.


Who Needs Financial Transcription Services?

Financial transcribing services are essential in almost every sector to some extent. Money runs through these institutions and businesses; transcripts show accountability, finance management, expenditure, and earnings. Here are some sectors where financial transcription services are essential:

  • Schools
  • Hospitals
  • Legal firms
  • Religious organizations
  • Non-profit organizations
  • Banks
  • Insurance companies
  • Manufacturing sector
  • Government agencies
  • Regulatory bodies


Types of Financial Transcription

What You Need To Know About Financial Transcription Services

Among the many services that financial transcription agencies offer their clients, some of the more popular ones include:

  • Annual meetings with members, shareholders, or investors
  • Media releases
  • Sales reports
  • Analyses
  • Updates on mergers, acquisitions, investors
  • Market research results
  • Earnings calls-losses or profits
  • Economic surveys
  • Forex reports
  • Budget meetings
  • Interim corporate results
  • Expert interviews

Benefits of Financial Transcription

03 transcription services typing

Just like other types of transcription, financial transcription has numerous benefits. When searching for something, you can quickly browse over the transcript, which offers an easily accessible source of information. Unlike audio and video files that need rewinding, a good transcript with time codes and timestamps makes it simple to find what you’re looking for.

The translation of financial transcripts into other languages is also easy. Multilingual transcriptionists can assist you in translating the content into different languages to provide accurate information to global clients, stakeholders, and investors.

Last but not least, financial transcriptions offer an easy-to-follow economic history. Financial reports for a company can be accessed going back five years. This is crucial for figuring out where a business lost money or gained a profit.


How to Get High-quality Financial Transcription Services?

The following are some of the factors that you need to bear in mind to have outstanding financial transcription. 

#1. Financial Transcription Requires Skilled Transcribers

Not every transcriber can deal with financial transcription work. This service requires professional and trained transcribers with the ability to produce precise and excellent transcripts. Therefore, financial transcribers need to have a basic understanding of economics, accounting, and finance. They should be well-acquainted with financial concepts, jargon, and terminologies.

Furthermore, financial transcription demands more than just converting audio or video files to text. To illustrate the audio or video information, the transcriber also needs the ability to create charts, graphs, tables, reports, etc. 

#2. Outsource Financial Transcription Services

As a business owner or operations manager, you have two choices for financial transcription services. You can perform the transcription in-house, using software that converts audio to text with the help of artificial intelligence or a staff member.

The second choice is to outsource the services to a transcribe expert. Outsourcing is preferable to performing it in-house due to the following reasons:

  • You can get high-quality transcription at a reasonable price.
  • You will value the quick turnaround provided by experienced transcribers.
  • While the expert is working on the transcripts, you and your staff can concentrate on other important company matters.

#3. Choose a Trained/Certified Financial Transcribers

You will find hundreds of agencies and freelance transcribers offering financial transcription services when you conduct a web search for them. It’s critical to know what to look for in a transcriber, especially given that even the smallest error in financial reports can result in significant losses and misunderstandings.

Therefore, it is best if you can work with certified financial transcribers. Being certified indicates that they have the training, tools, and experience to handle your project with the utmost accuracy.  

#4. Financial Transcription Services Should be Confidential

A professional financial transcriber will work with many private files from a wide range of companies. The involved business or company may suffer financial and reputational losses if this person leaks information to rivals or outside parties.

Reliable transcribers will often sign a non-disclosure agreement (NDA) to ensure that they will uphold 100% confidentiality. Before sending your data to the transcribers, make sure to have them sign the NDA for confidentiality purposes. Here at GTE Localize, we are ready to sign an NDA with you at any time.


Reasons to choose GTE Media

Having professional transcription services is essential in the financial sector as it is a global industry with a significant impact on the world economy. Businesses and even the economy as a whole might undergo significant changes as a result of using incorrect terminology or lacking a thorough understanding of the industry.

Whether we’re dealing with accountants and auditors or international financiers and banks, GTE Media’s professional financial transcribers have the knowledge and experience necessary to ensure there are no errors in the final translation. You can give us your files more easily because we accept sound files in the majority of file types, including CD/DVD, MP3, WAV, WMA, DSS, DS2, M4a, BigHand, Winscribe, etc.

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Below are some more values that will be given to our clients:

  • GTE Media has native transcribers for most of the languages in the world. They also have more than 5 years of experience working in the financial field. 
  • As a trusted media localization company, GTE Media pledges to produce top-notch transcription services at cost-saving rates and a fast turnaround time. 
  • We are confident to offer a lifetime warranty for all of our projects.  

Get in touch with us today for a helpful consultancy and a free 300-word test for financial transcription services!

For more translation and localization services, you can have a look here.

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