Ever wonder what financial transcription is and how it can help your business? Financial transcription is the process of converting audio or video recordings related to financial matters into written format. This simple process can garner several benefits for businesses and organizations worldwide.
In this article, you’ll learn all about how:
- Businesses, financial institutions, accounting firms, and professionals in the finance industry often utilize financial transcription.
- Accuracy and attention to detail are crucial in financial transcription to ensure precise documentation of financial information.
- Experienced companies like Ditto Transcripts best handle outsourced financial transcription work.
Definition of Financial Transcription
As mentioned earlier, financial transcription means converting audio files and turning them into written text. It involves transcribing discussions, interviews, meetings, or any other recorded content that pertains to finance and business. The transcribed financial documents can be used for record-keeping, analysis, research, legal purposes, or to facilitate communication between different stakeholders.
What is an example of a financial transcription process?
The financial transcription process is straightforward. The client sends the audio recording or video file they want to be transcribed. In rare circumstances, the client may also opt to verbally dictate the transcription, in which case they might call the financial transcription service directly.
The transcriber then carefully types what is said in the audio file, converting it to the written format. The document is then proofread, converted to the desired format, and returned to the client. Turnaround time for a financial transcript is generally 3-5 business days. However, it can be faster if required. While larger projects may take longer, professional financial transcription is always done swiftly and accurately.
At Ditto Transcripts, we can save your financial transcripts on our secure cloud storage to protect sensitive information. This storage also comes in handy if a business loses its copy of the transcript and needs a backup.
What Is Financial Transcription Used For?
Businesses, financial institutions, accounting firms, and professionals in the finance industry often utilize financial transcription.
Transcription companies often offer a wide range of services. The following are the most common reports and events transcribed and specialized services for different types of organizations.
| Analyst Reports | Documents prepared by financial analysts providing insights, valuations, and recommendations on stocks or sectors. |
| Annual Meetings | Yearly gatherings where a company’s management discusses the past year’s performance and future strategy with shareholders. |
| Breaking News | Urgent or latest news developments often impact stock markets or business environments immediately. |
| Business Surveys | Collections of data from businesses within a specific industry or sector are used to analyze economic trends or sentiments. |
| Company Reports | Documents published by companies detailing their business activities, financial performance, and strategies. |
| Research Reports | Detailed analyses produced by researchers provide insights into various topics, including market trends, industries, or companies. |
| Corporate Presentations | Formal company management presentations outline business strategies, performance, and objectives. |
| Earnings Calls Transcripts | Written records of the teleconferences where company executives discuss financial results with analysts and investors. |
| Financial Reports | Documents that provide an overview of a company’s financial condition, including income, expenses, profits, and losses. |
| Interim Results | Financial statements which are reported for less than a full fiscal year, typically quarterly or half-yearly. |
| Interviews | Conversations, often recorded or transcribed, where individuals provide insights or commentary on various topics. |
| Investor Relations | A management function within a company dealing with providing information to and communicating with current and potential investors. |
| Market Research Reports | Documents containing the research results into specific markets, including size, trends, and customer preferences. |
| Press Conferences | Events held to communicate important organizational information to the media and public. |
| Sales Reports | Periodic statements detailing the sales activity of a business, showing trends and performance in sales. |
| Seminars | Educational or instructional meetings or sessions focusing on particular topics or industries. |
| Telephone Conversations | Oral communications conducted over the telephone, often documented for legal or record-keeping purposes. |
| Webinars | Seminars or presentations are conducted over the internet, allowing for interactive participation or viewing by a remote audience. |
Benefits of Financial Transcription
Approximately 85% of financial firms rely on transcription services to maintain detailed records and ensure compliance, and the demand for financial transcription services has grown by 30% in the past five years.
The business and financial industry benefits from the services experienced transcriptionists provide in many ways. Here are some of them:
Accuracy
Depending on the type of transcription service, your financial transcription partner makes it a point to focus on accuracy. Financial transcription involves the heavy use of numbers and financial data; a misplaced comma or misheard figure changes the nature of the recording and transcript. Ditto’s professionally trained transcribers are attuned to the sensitivity of the task, and we work to provide the most accurate transcripts possible.
An editor proofreads the completed transcripts to ensure meeting our quality assurance and accuracy guarantee of more than 99%.
Cost Efficiency
Having a transcriptionist or two on payroll is okay – however, the costs can exceed the benefits if you’re not careful. Professionally trained and certified financial transcriptionists can earn up to $60,000 annually. After that, take hiring costs, employee benefits, office spaces, and equipment; you might be looking at a hundred thousand dollars of extra expenses for each transcriber.
Sidestep those costs and save time and money easily by hiring an accurate financial transcription service like Ditto Transcripts. Our services start at $1.50 per audio minute.
Accessibility And Language Inclusivity
Transcribed content is accessible to a wider audience, including those who are hearing impaired or prefer reading over listening. Furthermore, as the world market expands, corporations increasingly become multinational entities. With multiple nationalities come multiple languages and accents. Financial transcription services use well-rounded transcribers who often have a background in English or linguistics.
To be sure, our transcription professionals in the financial niche can expertly decipher numerous accents to transcribe audio into a polished document with nearly one hundred percent accuracy. This expertise and attention to detail are necessary when multiple parties of multiple nationalities talk over each other during critical financial meetings or conferences.
We also offer translation services for several languages, so you don’t need to look for other providers.
Legal And Regulatory Compliance
Some business organizations, such as publicly traded companies, must legally provide transcripts of certain business meetings. Earnings calls are one typical example of transcripts available on any company website.
Approximately 85% of financial firms rely on transcription services to maintain detailed records and ensure compliance. This ensures transparency, accountability, and accurate record-keeping for the financial sector.
Confidentiality
Security and confidentiality are among the biggest concerns with using financial transcription services. Any financial transcription service provider willing to work in the space must be able to meet stringent security standards.
With Ditto Transcripts, you don’t need to worry about security. Our protocols ensure 100% security on all files and deliverables from start to finish.
Scalability And Specialization
Skilled labor is a common challenge for many businesses. However, with Ditto, you no longer need to worry about having too few or too many transcriptionists on the payroll. We provide financial professionals with flexibility and scalability. Just send over the files you want to be transcribed. Give us as much or as little as you need, and we’ll take care of the rest.
Additionally, we do more than financial transcription. We specialize in offering transcription for various industries, ensuring coverage for any requirement you might need.
Concentrating on Core Activities
Finance professionals can take the time to do their work, while professional transcription services take over the time-consuming task of transcribing audio or video files. It’s a perfect symbiotic relationship that benefits everyone involved.
Challenges of Financial Transcription
Transcription might seem easy — supposedly, just typing down what you hear. However, it demands a delicate balance of speed and accuracy. Several other factors can also affect the quality of financial transcripts. Here are some of them.
Inaccurate Transcripts
Ditto provides its’ customers with 99% accuracy guarantees for all transcription projects. Unfortunately, other financial transcription providers might not be able to provide the same level of accuracy, especially if they’re using automated transcription tools and solutions.
AI transcription is only 86% accurate – at best. This is unacceptable in the finance world, where, again, even one wrong figure can lead to several problems. Here are just some of the repercussions of inaccurate transcripts:
- Misleading Information
- Compliance Violation
- Financial Losses
- Reputational Damage
- Poor Investment Decisions
- Operational Disruptions
- Legal Implications
- Resource Wastage
Ditto Transcripts Is Your Best Choice For Financial Transcription Needs
You don’t take unnecessary chances when it comes to running your company. So why would you roll the dice on your choice of transcription provider? Aside from accuracy, Ditto offers affordable pricing, fast turnaround times, guaranteed security, customizable transcripts, and the best security in the industry right now. What could be better?
Ditto Transcripts is a HIPAA-compliant and CJIS-compliant Denver, Colorado-based transcription services company that provides fast, accurate, and affordable transcripts for individuals and companies of all sizes. Call (720) 287-3710 today for a free quote, and ask about our free five-day trial.