Financial Transcription Tips, Potential Use Cases, and Best Services

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Financial Transcription Tips, Potential Use Cases, and Best Services

Being a member of a sales or financial team, you have to deal with vast amounts of financial information and numbers every day. That’s why recording, properly documenting, and distributing precise proper data is essential for simplifying all the financial processes. Make sure to check out video transcription software Streamr.

This will help you deal with calls, presentations, and interviews with stakeholders more easily. Company stakeholders, regardless of whether they are from your inner team or outside your company, expect your presentations to have a complete and reliable account. It will help them have a deeper understanding of what’s going on inside your company.

Using different simplifying processes will help you make high-quality financial reports and orchestrate financial information inside your company.

Let’s start by defining what financial transcription is and how your business can benefit from financial transcription services. 

What is financial transcription?

According to its name, financial transcription means transcribing audio or video content that relates to the financial sector. Financial transcription deals with transcribing different documents, including but not limited to:

  • financial reports
  • meetings and recordings of meetings
  • sales reports
  • financial and business surveys
  • other types of business-related content.

Financial transcriptions differ from traditional transcription services because they involve industry-specific content to be transcribed. As a rule, this content includes financial terms and jargon. Hence, you need specialists who have expertise not only in transcription but also with a background in the finance industry. It is also different from interpretation as the document is not presented in real-time. Sure, you can translate it into as many different languages as you need. It is considered that human transcription services are a better choice for this particular type as they are more accurate. They cost more than automated audio or video transcription, but the outcomes are much more relevant.

The financial industry has a vast influence on the global economy, so high-quality financial transcription is essential. With the use of inaccurate terms or lack of industry understanding, there may be different harmful processes for your business. Improper punctuation or misplaced figures can lead to unpredictable outcomes which hinder the quality of your work.

How can your business benefit from financial transcription?

Companies are using financial transcription for various processes. Some of the benefits of using financial transcription services include:

  • The most impactful benefit for businesses is that financial transcription services help companies optimize their effort on the in-house transcription of their files. This helps receive the final transcriptions on time even when deadlines are very tight. 
  • You get to work with qualified and experienced transcriptionists as augmentation of your in-house team. You can outsource a certain project to do if your in-house team is busy. They need to sign an NDA with your company and deal with vast amounts of work.
  • Your employees can concentrate on more meaningful processes while experienced transcribers with excellent skills deal with your content. This unlocks the capacity for new business opportunities.
  • If you feel that your employees lack skills and transcription takes too much time, it is better to turn to professional service. 

Who and when needs financial transcription for business?

Financial transcription is important for different financial specialists, including:

  • accountants and auditors
  • global financiers
  • finance advisors
  • investment agencies
  • trading firms
  • and many others. 

It is helpful in many situations, varying from business meetings, financial surveys, calls with clients, reviews. To receive a high-quality financial transcription, you need to find a team of experienced and certified transcriptionists with industry expertise. Ability to understand different accents and transcribe them is also crucial as well as attention to detail. Transcription is necessary when you are holding a conference, seminar, or any other event related to the financial sphere in your company or in general. If needed, transcriptionists can also deal with handwritten notes and turn them into understandable and structured documents. 

Financial transcription process

The process of financial transcription is very similar to the traditional transcription process. 

Yet, you need to consider several specifics of the industry. The financial aspect of different businesses and institutions uses a lot of sensitive information. It is essential that it remains confidential even if you work with third parties. The transcription company or a freelance online transcriber you work with should sign an NDA before they access the financial data. After you clarify the privacy of your data, you need to define your requirements for transcribers. Apart from the basics like deadline and cost, here are some points to take into account:

  • the format of receiving the final transcripts
  • special instructions for your transcriptionists
  • how transcriptionists handle charts, tables, and other media elements in transcriptions

It is great if you will work with a project manager apart from transcriptionists. This will simplify the communication and you will always be updated on the project’s progress. Moreover, you will always clarify all your questions right away.

The best services for financial transcription

Transcriberry

This is one of the leading services on the market. The highlight of Transcriberry is that they work only with transcriptionists who have at least five years of experience. Business and financial transcription is one of their key services. They guarantee 99% accuracy even if they deal with complex and challenging transcription tasks. All the staff members sign an NDA if the client needs it to start working. The client knows the transcription cost while making an order and it stays the same. The support team is available 24/7 to answer any questions. Apart from transcription, they also offer human-written subtitles, captions, and translation services.

Gotranscript

This service also offers human transcription for different industries and finances in particular. Their team includes nearly 20,000 qualified and certified transcriptionists, proofreaders, and customer care specialists. They have been in this business for over 17 years offering professional help with transcription. The final cost of your order depends mainly on your deadline and the complexity of your media. They also have a customer loyalty program and a free trial for the first 5 minutes.

 Waywithwords

This service offers transcription for accounting, financial, and economic spheres. They can help you with meeting recordings, reports, interviews, and calls. They work with experienced transcriptionists only and provide high-quality transcriptions for the business sphere. The cost for transcription is calculated per video or per file. It also depends on the turnaround time and additional options chosen by the client. 

Tips for high-quality financial transcriptions

If you want to receive accurate transcription service, you need to be ready for cooperation with the team of transcriptionists. Here are our pieces of advice to make the most use of transcription services.

 Prepare for recording

If you are only about to record a meeting or conference, make sure you have quality equipment for this. Spare no money on a good microphone and/or camera. This will save you and the transcriber lots of time. Make a test recording to see the quality of your video or audio. This will help you make adjustments and receive better quality. This especially pertains to audio to text transcription. Minimize the background sounds and noise. Make sure you place your equipment in the most suitable places so that each speaker’s words were understandable. 

 Make sure you provide the highest quality files

If the recordings have already been made and you can’t change anything, the essential step is to analyze the quality and peculiarities of your source content. Whether it is an audio or video transcription, the final cost and complexity of services depend on the quality of the source media. Here are the main points to consider:

• The number of speakers

• Speakers with accents and non-native speakers

• Vocabulary and terms used (guide on the used vocabulary if the topic is very specific)

• Background noise and different sounds

• Length

• General quality of video or audio file

This all will impact the process and the results of financial transcription. In some cases, transcriptionists will have to spend more time on your files.

To Sum Up

We hope that this article gave you more insight into the specifics of financial transcription and helped you choose the right service. This will help you employees focus on their key responsibilities while professionals deal with transcription.