No business can function properly without the reassuring power of finance. When a business is dealing with enormous amounts of financial per day, that data has to be transcribed accurately and swiftly. That is where financial transcription services come in.
It usually requires a vast knowledge of financial terms and keen attention to catch numbers to create error-free and quality financial transcripts when people are speaking and there are distracting background noises. Nevertheless, switching or missing one or two figures could lead to a completely different interpretation.
This is why it is essential to know what to look for when picking the best financial transcription service for your business. And it can be quite overwhelming when looking at and comparing service providers. This post will discuss what the financial transcription provider should offer.
What is Financial Transcription and Why is it Important?
Financial transcription is generating quality transcripts dealing with financial information from audio and video recorded files. Essentially, financial transcriptionists generate documents such as business and analysis reports according to the financial data that was provided.
Corporates and other businesses typically use financial transcripts to analyze the financial health of the business at seminars, business meetings, and annual meetings. Businesses that have been transcribing their financial records for about three years or more can have a clear insight into their economic progress by comparing these documents.
The process of financial transcription is similar to other forms of transcription in that an audio or video recording is transcribed and submitted to you. The main difference lies behind the huge volumes of numbers that are spoken. The files that are often transcribed by financial transcription companies include income reports, sales reports, investor meetings, just to name a few. One error can lead to a major inaccuracy in all the company’s totals.
How To Choose the Best Financial Transcription Service
The requirements of financial transcriptionists are identical to those of general transcriptionists. Here are some of the things you should look for when choosing the right financial transcription service.
Accuracy and quality
Accuracy and quality are very important not only in financial transcription but also in any transcription project. Technological advancements have contributed to the rise of myriads of automated transcriptions which have affected the growth of human transcriptions. But it is a known fact that an automated transcript can only be as logical or illogical as the quality of the audio file.
Therefore, when choosing the best transcription service provider, you should ensure that the quality provided by the provider is of the highest level. Experts in professional financial transcriptions have excellent language command and possess the skills and expertise in financial matters and a keen eye for numbers. The provider you choose should offer nothing less than 99% accuracy.
Speed – turnaround times
Turnaround time in transcription is the time taken when a transcriptionist receives the audio file to the time the completed transcript is submitted to the company that provided the data. That said, when searching for the right transcription provider, you should evaluate whether their turnaround times satisfy your needs. Also, you should determine whether they are flexible should your needs change over time. If you require financial transcripts with faster turnaround times, you should find a provider that uses the latest technologies to improve their turnaround time and efficiency.
Standards of information security
In most cases, when choosing the right transcription provider, people tend to insist on speed, accuracy, and cost. However, failing to employ a provider with thorough security measures in place and reliable safeguarding technology could result in a costly breach for your organization.
Therefore, when you’re comparing transcription providers in the market, you should check whether their security standards are up to speed. They should be using VPN integration, scaled network redundancy, dedicated secure data centers, secure FTP servers, and SSL 256-bit secure encryption.
Other things that you should consider when choosing a financial transcription provider are:
- Are they experienced in formatting spreadsheets among other financial documents?
- Do they have insurance in place to protect clients and the transcription provider?
- Is the provider willing to sign a non-disclosure agreement (NDA)?