The devil is in the details – QAing financial documents

 

[buildings and reflection on water*]

One relatively stable translation niche is financial translation, which involves any document required in the flow of money as well as various documents proving place of residence. Many of the requests are for translations from PDFs that list personal specifics on a standard form such as a tax declaration or utility invoice. In practical terms,  a previous translation can be used as a template. However, entering different details onto an existing form is not as simple as it seems. In first drafts,  it can happen that the translator introduces errors, namely in numbers, names and formatting. A proper QA process can essentially ensure that the client receives a completely accurate translation.

To a non-translator, translating a water bill or bank statement may be simple. It seems that all one has to do is run the PDF through a decent PDF-Word converter and out comes a nice Word document. Alas, in almost all cases, the resulting Word document is a mess, requiring more work to fix the formatting than to translate it manually, i.e., line by line. This means that the first translation of any such PDF can take significant time, up to 90 minutes for one page if the format is complicated as in tax forms or some utility bills. On the other hand, assuming the translation is accurate, that resulting Word document can be used for any other customer requesting translation of a document in the same format. Thus, it is worthwhile for the translator to invest time and effort to produce a proper template. However, when entering the new details, the translator faces the danger of introducing errors. These can be eliminated by appropriate checking.

One major issue is incorrect numbers. One challenge is when a page is extremely “busy” with numbers of which some change, e.g., the amount due, while others remain the same, e.g., the company number of the utility. Furthermore, since the numbers are being entered manually, the translator may reverse two numbers, e.g. "27" becomes "72", creating an error. Finally, while the forms may be same, some documents may include or not contain specifics appearing in the template, such as a certain fee or service. Thus, the translator should compare all the numbers on the original and translation and make sure that they are identical. The ideal time for this process is the next day when the mind sees the actual details much clearer.

Names can also be tricky. First, when working from a different alphabet (Hebrew to English in my case), it is vital to confirm the relevant spelling of any name on the document. Aside from any hurt feelings, it may impact the legal validity of the document. Once the translator completes the translation, it is important to confirm the name was spelled identically throughout the document. The human mind is more than capable of switching spellings in the middle of a project. A quick check of names identifies any such error before the client discovers it.

The last issue, formatting, while generally irrelevant in terms of content, is vital for customers. The translated document should look as identical as possible to the original. If an item is boxed, bold, underlined or white-in-black in the original, it should also be so in the translation just as a text without margin lines should look the same in the translation. Adding items to a template can further disturb the formatting. Thus, the translator needs to compare the visual aspects of the target and source documents to make sure that they match as much as possible. Customers value this result with the users of the documents appreciating the ability to easily compare data. Proper formatting is an essential part of a professional translation of a financial document.

The QA processes described above involve checking multiple aspects of the document. Ideally, the translator should do each one in turn, i.e., first comparing numbers, followed by names and then formatting. Of course, the translator should also take into account the time involved in this process in setting the price. Not only does this QA process produce a proper translation, it leads to repeat business from the same customer and recommendations. In other words, proper QA of financial documents is time well spent.

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Money talks – Home education

 

[Balancing money and a potato*]

There is nothing like innocent questions from children to cause us to consider our values. Recently, I told my adult daughter that I had sold my car. She immediately and straightforwardly asked “for how much?”. My equally immediate and straightforward answer was “none of your business”. Not for the first time, I was forced to consider the nature, background and correctness of my responses, this time in regard to financial education.

Attitudes are a matter of spectrum. On the subject of family finance, on one end of the spectrum are those parents that do not discuss any money issue in the presence of their children, often on the grounds that children should be protected from this type of stress and worry or in the belief that children are not capable of understanding such matters. On the other end are families that discuss everything at the kitchen table from the nitty-gritty price negotiations in their business to the challenges of staying within the monthly budget. These parents believe both in the virtue of the knowledge and their children’s capacity to dealt with these facts. In between are various degrees of openness about the process and numbers of financial management.

The background of these attitudes includes parental attitudes, immediate circumstances and cultural norms. Clearly, if parents never discussed their salary or the monthly budget, children require a great effort to change the approach when they become parents themselves. In my case, I never knew nor would never ask how much my father was earning or how much they paid for their car. Of course, diffcult circumstances often force parents to discuss finances with children especially when negative events force a radical reduction of the budget. During the Corona crisis, countless families had to sit with their children of all ages and explain why and how spending had to be cut to the minimum. A major factor in financial openness is the attitude of the surrounding culture. Israelis are one of many cultures that enjoy the game of “downsmanship”, i.e., wanting to know if they purchased an item for less. Therefore, it is natural for most Israelis, including my daughter, to say two things upon hearing that someone purchased something new: tithadesh – congratulations on a new item, and "how much did you pay". This behaviour would be extremely rude in many local societies. For example, according to my parents, in the 1960’s such questions were considered faut pas in New York but perfectly acceptable in Los Angeles. So, our total environment determines our approach to discussing finances.

An interesting issue is how parental attitudes affect our children. Clearly, “protected” children have less stress about money during childhood but often lack basic budgeting and negotiating skills when they become adults. They then take a crash course in financial management and sometimes do crash. An extreme example of this was Japanese women, at least in the past, who were encouraged to remain childlike even in young adulthood but were expected to manage the entire family budget when they got married. By contrast, children that learned about budgeting and negotiation throughout their childhood not only are more equipped to find better deals but often enjoy the process. The question is whether the concomitant stress is emotionally beneficial to children. Clearly, financial discussions in the presence of children do have an effect

Preparing children for life should involve giving them the tools to manage their finances. Ignoring such vital matters (like ignoring sex) can lead to disaster. In my view, at minimum, parents should teach their children to value money and stay within budget.  Beyond that, it is a matter of individual judgment. In any case, children are our mirrors, whether we like we see or not.

* Picture captions help the blind access the Internet.

Picture: Image by <a href="https://pixabay.com/users/stevepb-282134/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1015125">Steve Buissinne</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1015125">Pixabay</a>