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Almost every sector has to deal with finances in one way or another. Whether it’s a school, church, non-profit organization, or hospital, money sustains these institutions. Sales reports, financial research, analysis, annual meetings, and investor briefings have one thing in common; they involve financial talk.
You can record the financial talk for future reference and accountability. The audio or video files help attendees and those who missed the sessions to get a detailed understanding of what went down.
However, transcription has gained popularity over the years. Today, almost every audio or a video presentation is accompanied by a transcript. This is where financial transcription services come in.
Define Financial Transcription Services
Financial transcription services entail converting audio and video files relating to finance, accounting and economics into written text. It involves transcribing reports, analyses, findings, and other economy-related files. This type of transcription is similar to general transcription but requires specialised skills such as interpretation, concluding, and presenting data on charts, graphs, and tables.
Facts about Financial Transcription Services
Not every transcriptionist can handle financial transcription work. Similarly, not every business or institution needs financial transcription services. The following are nine facts on this type of transcription that everybody ought to know:
Financial Transcription Services are a Necessity
Almost every sector requires financial transcription services in one way or another. Money runs these institutions and businesses, and transcripts prove accountability, finance management, expenditure, and earnings. The following are examples of sectors where financial transcription service is crucial:
> Schools
> Hospitals
> Legal firms
> Religious organizations
> Non-profit organizations
> Banks
> Insurance companies
> Manufacturing sector
> Government agencies
> Regulatory bodies
Financial Transcription Requires Skilled Transcribers
Not every transcriber can handle financial transcription work. This service demands trained and certified transcribers who have the skills to deliver accurate and high-quality transcripts. These transcribers should be familiar with financial concepts, jargon, and terminologies.
Moreover, financial transcription demands more than just converting audio or video file to text. The transcriber also needs to create charts, graphs, tables, reports, etc., illustrating the audio or video information. Therefore, a financial transcriptionist needs some background knowledge in finance, accounting, and economics.
There are Many Benefits of Financial Transcription
Like other types of transcriptions, financial transcription comes with a lot of benefits. The transcript provides an easily-accessible source of information that you can skim through when searching for something. Unlike audio and video files that need rewinding, a suitable transcript with time codes and timestamps makes it easy to find what you are looking for.
Financial transcripts are also easy to translate into other languages. Multilingual transcriptionists can help you translate the text into a language of your choice to deliver accurate information to international customers, stakeholders and investors.
Lastly, financial transcriptions provide an easy-to-follow economic history. You can go back to a company’s financial reports dating back to five years. This is important when identifying where a company made a mistake, losses, or profits.
There are Several Types of Financial Transcription
Financial transcription agencies offer a myriad of services. Whether it is an annual general meeting or a video call to catch up with investors on how their funds have been utilised, there is something for everyone in the financial sector.
The following are some of the common financial transcription services offered by most agencies:
> 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
Outsourcing Financial Transcription Services
As a business owner or operations manager, you have two options for financial transcription services. You can do the transcription in-house, either by an employee or using artificial intelligence-aided audio-to-text software.
The other option is outsourcing the services to a transcription specialist. Outsourcing is better than doing it in-house due to the following reasons:
A. You will get quality and accurate transcribers at an affordable rate
B. You will appreciate the fast turnaround from experienced transcribers
C. You and your employees can focus on other crucial company stuff as the professional works on the transcripts
Choose a Trained/Certified Financial Transcriptionist
When you search for financial transcription services on the web, you will come across hundreds of agencies and freelance transcriptionists offering the service. Knowing what to look for in a transcriptionist is crucial, and more so because the slightest error in financial reports can lead to huge losses and misunderstandings.
It is therefore critical to hire only a certified financial transcriptionist. Being certified means they have the training, tools, and experience to handle your work with utmost accuracy and work ethic. Look whether an agency is certified on their website or ask them to provide the certificate during hiring.
Financial Transcription Services Ought to be Confidential
A professional financial transcriber comes across many private files from a plethora of companies. If this individual leaks information to competitors or third parties, the involved business or company will lose money and reputation.
It is therefore critical that a transcriptionist signs an NDA to ascertain they will uphold 100% confidentiality. Before sending your data to the transcriber, let them sign a non-disclosure agreement (NDA) for confidentiality purposes.
Dangers of Inaccurate Financial Transcription Services
It is crucial to hire a transcriptionist who knows their way around financial projects. A slight error in data delivery and presentation can cause havoc and losses in a company or business. Misinterpretation of reports, investor briefings, and other important details can cause trust issues to see investors pull out from a company.
For this reason, always go for experienced transcriptionists with a proven track record. It will save you money, time and avoid frustrations.
AI Financial Transcription Services Need a Human Touch
Most companies have adopted artificial intelligence (AI)-powered audio-to-text software to create their transcripts. Some of these computerised functions need a human brain or assistance to develop error-free transcripts.
If you are a business person using AI-powered transcription, be sure to hire a human transcriber to polish your transcript before sharing it with the stakeholders.
Wrap Up
Financial transcription services involve converting audio and video files on accounting, finance, and economics into text. This type of transcription requires transcriptionists well versed with financial concepts, jargon, and terminologies. When choosing a suitable financial transcriber, consider if they are certified, their accuracy, and confidentiality.
