Document Translation

As a business owner, what happens when it comes time to file for taxes but you are unfamiliar with the native language of the country in which you are operating? A failure to fill out and send in even one piece of paper could cost your organization thousands of dollars and put a stain on your reputation.

With strong financial translation services, entrepreneurs can rest assured that not a single penny will be miscalculated, and that their company remains in good standing with governing authorities.

One Washington-based business narrowly avoided paying hundreds of thousands of dollars, after the International Revenue Service misinformed them of not filing all necessary paperwork. According to The Bellingham Herald, family-owned Reinkes Fabrication received notice from the IRS last March that it owed money in unpaid federal taxes, penalties and interest.

Trouble with the IRS

Company accountant Nadine Frost told the news source that the missing paperwork were four quarterly tax reports. While she is unsure why the IRS did not have them, Frost said that the federal organization then informed her company that the notices were just standard paperwork and they didn’t have to worry about paying the $200,000.

“It appears from looking at it that we didn’t pay our taxes, which is not the case,” Frost said.

Additionally, Frost said that she used to send the quarterly reports through regular mail, but she is now looking into certified mail and even electronic filing.

Ryan Reinke, one of several family members involved in the business, said that during the time of confusion, several customers asked if they were going out of business. He added even though the situation ended well, his family was unhappy with the whole situation as it put “mud on their name.”

One word can truly make all the difference, which is why international business can be tricky. Entrepreneurs who are looking toward other countries cannot afford to become confused by another language, whether it involves employee contracts or financial documentation for taxes.

By partnering with a firm that specializes in document translation services, business owners can rest assured that no detail is overlooked. This can save an organization time and money – two valuable assets for any company.

Domestic Spending Slowing Down

A recent DefenseNews article explored how U.S. defense firms are beginning to expand overseas as domestic spending has slowed down.

Raytheon CEO Bill Swanson told the news source that with the complex regional difference, doing business overseas is not for “the faint of heart.”

“Each barrier to me, every 5 percent, is like going through the sound barrier, so we’ve got to be prepared for it, and wishing and hoping is not a good strategy,” Swanson said.

Jeff Kohler, vice president for business development at Boeing Military Aircraft agreed, adding that his company is actually turning away meetings. Boeing is now busier than Kohler remembers it being two years ago.

Contract Management

The article added that an increasingly complicated supply chain and manufacturing base are just two issues that organizations will have to deal with when they want to do international business. Additionally, offset obligations – clauses added to contracts that require a vendor to invest locally – can cause more problems for companies.

The penalties for failing to meet these obligations can be severe, and some countries have become more strict over the years. A translation company able to translate contracts and other legal documents into several languages is a valuable partner for this goal.

Professional document translation ensures that business owners are kept in the loop on all regulations their organization must follow, which will help them find short- and long-term success in whatever country they expand into.

This blog has previously discussed the importance of small to medium-sized companies having strong financial records. Not only does this make tax season easier, but it can ensure that a business keeps a strong credit rating, which will go a long way in determining its longevity.

A failure to keep thorough records of all transactions and ensure that a governing country’s financial experts understand the provided information could be extremely detrimental to an organization.

Business Credit Reports

A Wall Street Journal article cited data from the newspaper’s survey with Vistage International. According to the report, only one in three small-business owners has checked his or her company credit report within the past two years. One-quarter of the firms that did check their data said they found errors or financial information that put their business into a riskier category for lending.

Rohit Arora, chief executive of Biz2Credit, a New York-based small business lending broker, explained to the Journal that the mistakes that smaller firms encounter are often due to missing bits of data. This includes anything from sales and revenue figures to timely bill payments that go unreported.

“Yet, from a credit-report standpoint, missing data is reason enough to classify a business as risky, since lenders and suppliers have less to go on when gauging whether a business will pay its bills on time,” the article explained.

Document Translation Services

Brian Shappell, a government liaison with the National Association of Credit Management, told the Journal that it is important for business owners to keep themselves aware of their firms’ ratings and that information cannot remain outdated.

For entrepreneurs expanding into a new country, working with a firm specializing in document translation services can assist in keeping thorough records. Whether you need a translation of English to French or a Spanish American translation service we got you covered.

Lockheed Martin, a company that specializes in IT services to the U.S. government and is the nation’s largest weapons maker, announced that it wants to become an international powerhouse as well.

Pat Dewar, senior vice president for corporate strategy and business development, explained to Reuters that his company will be moving much more aggressively into the international domain. According to Dewar, Lockheed made about 17 percent of its $47 billion of revenue abroad in 2012. It currently has locations in 70 countries and “home team capability” in Britain, Australia and Canada. However, officials want to expand local operations into the United Arab Emirates, Saudi Arabia, Japan and India.

“We are going to move the corporation from being essentially overwhelmingly U.S. with international sales, to being a healthy local delivery system in those countries where the governmental relations are strong, and where industry relations are strong or can be strengthened,” Dewar said.

The Importance of a Legal Translation Company

A company doesn’t need to be as established as Lockheed before it makes the decision to move overseas. Entrepreneurs who want to expand their firms need to keep several important factors in mind though to find success in a new country.

To have a “home team capability,” as Lockheed described, an organization cannot forget the issue of language. Whether company leaders want to advertise or try to hire new workers, document translations can guarantee that no nuances are overlooked, and individuals who live in the country in question will understand the product or services being offered to them.

Whether you need an English to Norwegian or an American to Chinese translation, a firm that specializes in document translation services can help businesses of all sizes, and in numerous industries, work toward overseas success.

CFO Research posted an article on its website detailing the company’s annual “Global Business and Spending Monitor” done in conjunction with American Express. A total of 519 senior finance executives at large companies were interviewed.

Global Expansion in Emerging Economies

According to the survey, 68 percent of respondents predict that their local countries’ economies will expand during the next year, up four percentage points from 2012. Furthermore, the concentration of global expansion is primarily in emerging economies, as North America and Europe showed waning expectations.

For example, 81 percent of respondents in South and Latin America believe they will see economic expansion, while 80 percent of those surveyed in the Asia/Pacific region did.

Bill Velasco, controller for the Engineered Products Division at Flowserve, a global supplier of industrial and heavy machinery, commented on the fact that more CFOs are hearing “rumbles” about the promise of global growth.

“It’s not that I have the orders on hand, but when you hear the rumble — you hear there is more activity happening at the end user, and you also hear the sales force being more active with those clients — that tells you that there is more activity coming to you from that sector,” Velasco told CFO Research.

Returns from Document Translations

Regardless of a company’s location, when leadership teams decide that the time is right to expand overseas, investing in document translations can be greatly beneficial. Even if different country’s economies are experiencing positive growth, entrepreneurs must ensure that all paperwork is in order so a smooth transition can take place.

Partnering with a firm that specializes in technical translation will guarantee that businesses do not overlook any piece of paper. Financial documents that are properly filled out can help any global expansion process and assist companies in having a strong start in a new country.

Entrepreneurs who are attempting to start a business in the United States have a challenging task before them. Company leaders that are based in a foreign country will have even greater obstacles to overcome, as English might not be their main language. In order to guarantee that no piece of paperwork is overlooked, partnering with a document translation service can keep the transition as smooth as possible.

Meeting US Standards Abroad

U.S. guidelines can change over time, especially when financial paperwork is concerned. For example, a recent Wall Street Journal article detailed new accounting rules that are being proposed for small businesses. Earlier this week, the American Institute of Certified Public Accountants (AICPA) said that the new guidelines are designed to streamline methods for measuring and presenting their financial results.

“It is a framework that is tailored for small business—a very relevant, simplified framework,” Bob Durak, the AICPA’s director of private company financial reporting told the new source.

Specifically, it will simplify generally accepted accounting principles (GAAP). Some smaller organizations have complained that GAAP is too overwhelming for their firms. Under the new framework, more complex aspects—such as off-balance-sheet entities, derivatives or hedging—will not be required of small businesses.

Financial Translations Required

The new proposals will also be optional, as the AICPA does not have the authority to force companies to comply, according to the news source.

Accounting is an essential aspect to U.S.-based small businesses, especially during tax season. Entrepreneurs who are not familiar with the language could have difficulty maintaining paperwork properly. English to Spanish translation services, for instance, are used by financial companies in the US to make sure Hispanic customers do understand what they are signing. With a firm that specializes in financial translation services, company leaders can rest assured that no piece of paper is misfiled or improperly filled out. One of The Translation Company’ specialties is Certified Spanish translation, which is usually required by banks, insurers, and other financial entities. Sworn translation services also available upon request.

Entrepreneurs juggle many balls while trying to grow their company, but keeping track of so many things at once can be overwhelming. Mistakes happen, but for business owners looking to expand into a new country, they could be especially detrimental.

Business translation services can assist in the process of ensuring that legal and financial documents are in proper order. The last thing that any entrepreneur needs is a litigation issue, and by making the investment to have a professional overlook the details, company leaders can have one less issue to worry about.

According to the Association of Corporate Counsel, 90 percent of companies in the United States are involved in litigation—much of it international. Furthermore, U.S.-based companies have increased overseas business from 49 percent in 2008 to 72 percent in 2010. Whether you are an entrepreneur looking to expand into or out of the U.S., it is necessary to guarantee that every piece of paper is pristine. One error, even if not purposely done, could bring heavy fines or set an owner back months.

“If you are doing business overseas: watch your tone, grammar, use of local colloquialisms, or use of vague undefined terms,” the news source warned.

Importance of Translation

Subtle nuances in language can be difficult to account for if you are not a native speaker. This is where a certified document translation company can be of great assistance. These professionals understand what to look for, and every document – even complicated financial and legal forms – can be read over and translated as necessary.

By laying the groundwork with business translation services, entrepreneurs will be building a smooth path for their company that can lead to great success.