Whether you are a corporation or an employee, you will likely have financial records that can be quite a challenge to keep track of. Financial recording should never be taken lightly, and all of these need to be translated by a certified language service provider no matter what your official purpose may be.
For corporations, you will need a balance sheet, a record on your liabilities, your cash flow, your owner’s equity, your company’s report on assets, your tax filings, your insurance records, and so on. For personal use, you will have banking statements or salary statements for your own tax purposes, as well as financial accounting for your own entrepreneurial needs on a business level. Qatari banking and business regulations require certified translations of all of these and more, which is where Afreno comes into the picture. We provide these services promptly and cost-effectively for your convenience and your peace of mind.
Frequently Asked Questions
What kind of financial translations do I need?
You will need certified translations of financial statements and bank statements, as well as salary certificates for loans and claims.
I’m not a business owner and have no so-called financial books. Do I still need financial translations?
You will need certified translations for home insurance, car insurance, travel insurance and loan applications.
I’m just a new employee and have no financial records yet. Do I still need financial translations?
Even as a new employee, you will be asked to provide certified translations of your salary statement, your certificate, your net salary, your basic salary, and so on when applying for loan or residency requirements in Qatar.
What is HRA?
House Rent Allowance or HRA indicates the 40-50% cut from your basic salary that will go to the payment of your rented apartment. This information must be included in the translated salary statement.
What is leave travel allowance?
Leave travel allowance shows the amount of expenses for the employee while on leave, which includes round-trip transportation costs. Upon presentation of valid receipts, this amount can be claimed and reimbursed to the employee. This may also be subject to tax exemptions depending on certain conditions, which is why it’s important to have these translated in order to relay accurate details when needed.
What is medical allowance?
Once you present valid medical bills to your company, this section will be included in the translated salary statement to cover medical expenses.
What are other salary statement deductions should I know about when having my documents translated?
Allowances include commutation, accident insurance, health insurance, maximum tax calculations, and so on.
What is inside a bank statement?
The bank statement contains information on total withdrawals, checks paid, total deposits, service charges, interest earned, and penalties incurred.
Bank statements are pretty straightforward. Why do I need translations?
You must be able to see clearly and without confusion the beginning balance and ending balance, as well as the statement date which is different from the transaction date for each transaction. The details of the payee such as the name and address, as well as the statement period and the bank’s service number must all be duly detailed and accurately translated.
Why should I hire Afreno to translate my financial documents for me?
Afreno has full in-depth knowledge on financial terms and financial reporting, as well as expert knowledge in source and target languages to accurately translate your financial documents according to their official purpose.
Salary Statement Translation
A comprehensive salary statement should contain all of the pertinent information of the salary of an employee, including the breakdown of allowance and deductions if any. It is a requirement for employers to provide an employee with the necessary salary statement which details all salary data and expense payments as well.
It must include payments, allowances, benefits, and deductions based on the contract in the course of the calendar year. The basic salary is the 100% taxable amount, while allowances and deductions (house rent allowance, leave travel allowance, medical allowance, tax deductions, etc.) are listed in full detail afterward. Because the salary statement declares and certifies the total amount that the employer pays to the employee under the employment contract, it is important to have it translated accurately and professionally for purposes of bank loans, residency permits, insurance applications, and so on. Not only can Afreno help you with accurate translations, but we can also facilitate the whole authentication process for you.
Salary Certificate Translation
The salary certificate is issued by an office head upon the request of an employee. The purpose of the request must be duly stated in the salary certificate, and the document issued must be approved by management. This is usually used for purposes of loan requests, and has a validity of about a year or less. The salary certificate must include the full details of the gross pay, which is the amount that the employee is entitled to receive from his or her employer. Deductions like income tax, tax to be deducted at source (TDS), installments of advances and loans, provident fund contributions, and so on must be deducted from the gross salary. Afterward, the total amount received is indicated below.
Because this document has a validity period, it is imperative that you have it translated by a certified language service provider who will provide you with cost-effective and accurate translations with a quick turnaround time.
Financial Documents/Records Translation
Having formal documents that accurately represent the transactions of a business entity is a key element of keeping an entrepreneurial endeavour afloat. Succeeding in a certain business means knowing how to keep track of the comings and goings in your company, and being able to monitor your performance year after year. Financial records must be maintained in order to check the retained earnings, cash flow, balance sheet, tax returns, and income statements.
These sensitive data points must be translated accurately by a translator with keen attention to detail and an expert knowledge in the industry in order for the terminologies to be translated within context. Official documents like these must be completely error-free not only in numbers but also in words in order to avoid catastrophic consequences. With Afreno as your financial documents translation partner, there is no room for mistakes that a layman without any financial knowledge is bound to commit.
Insurance Documents/Records Translation
Insurance documents and other important documents must be well-kept by companies if they want to steer clear of costly mistakes in bookkeeping. Normally, companies may have a records retention program that will help determine whether or not a particular record has outlived its usefulness and can be discarded. However, even if you’re a hundred percent sure of discarding your insurance records, you should keep in mind that these contain sensitive information that must be kept confidential.
Regardless if your insurance records are still in force or not, you are required to have them properly translated by a certified translator who is accredited by the necessary governing authorities in the field. Policies based on occurrence, property policies, claims-made policies, workers’ compensation, employee benefit plans, retention policies, keyman insurance, and other forms of corporate insurance documents are all valuable records that you will likely refer back to each time a claim is made or an issue is raised. Certified translations are then a must for processing these claims without a hitch.
Bank Records Translation
Normally done on a monthly basis, bank statement records contain all the information in a person’s bank account, summarizing the transactions during a given period of time. These must always be kept securely and confidentially in an individual’s financial records or a company’s financial bookkeeping. Having your bank records duly kept and translated by a certified translator will help you keep track of your bank account and help you identify any mistakes, discrepancies, or fraudulent behaviour as early as possible.
Account holders need translated bank records and must duly report any discrepancies to the bank immediately to avoid accumulation of errors in the long run. A diligent company must also keep translated bank records for all kinds of official purposes for their own books and for their employees. Afreno provides full translation services and even authentication and attestation so that everything can be processed reliably and effectively in one go.