A fundamental factor for the success of a company is proper accounting with a relevant comparison of assets and capital. For this purpose, the balance sheet is prepared on a certain key date, which shows the mathematical allocation of these two variables. Many international companies benefit from a relevant translation of the balance sheet if it is to be presented to cross-border business partners or affiliated companies.
Professional translation of the balance sheet by an experienced translator
The balance sheet is therefore a final summary, containing assets on one side and liabilities on the other. The assets show the assets available to the company, the liabilities the financing of the assets in the form of equity or liabilities.
The comparison shows values that contain meaningful information about the company. As the number of companies and enterprises operating abroad continues to grow, professional translators are used for translation. They prepare for relevant technical translations in the field of economics and finance.
In business life, a balance sheet is an overview of a company’s income and expenditure, drawn up according to precise criteria. It is therefore a comparison of assets and capital. It is an integral part of a company’s annual accounts.
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The purpose of the translation of the balance sheet, annual accounts or annual report is to provide foreign shareholders, employees and creditors with a statement of the assets and liabilities of an internationally operating company.
The informative data are the starting point for future decisions of the company. Within the framework of a balance sheet and company analysis, decisive positions are taken on the future situation of the company.
Translation of the balance sheet and the profit and loss account
As the name suggests, the profit and loss account refers to the profit and loss in a given period of time. The balance sheet is used to determine profits and compares equity at the beginning and end of a fiscal year. It has an information purpose for the enterprise and facilitates the management the future course setting.
Types of balance sheets submitted for translation
A translator for economic texts such as balance sheets, in addition to linguistic skills, has extensive knowledge of annual reports and financial statements. Financial accounting documents are translated with meticulous adherence to professional terminology. Of course, the exact correspondence of figures and other data must not be disregarded.
The balance sheet may also bear the terms commercial balance sheet, annual balance sheet, consolidated financial statement. In addition, there are also balance sheets which differ according to regulations, such as the asset and tax balance sheet. The balance sheet is the financial statement of a company. The tax balance sheet is used to determine the income for income taxation in accordance with the Income Tax Act.
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