No business can function properly without the reassuring power of finance. When a business is faced with huge amounts of money daily, this data must be transcribed accurately and quickly. This is where finance transcription services come in.
SummaryWhat is financial transcription and why is it importantHow to choose the best financial transcription serviceAccuracy and qualitySpeed – turnaround timesInformation security standardsThis typically requires a broad knowledge of financial terms and careful attention to keying in numbers to create error-free, quality financial transcriptions when people are speaking and there are distracting background noises. However, changing or missing one or two digits could lead to a completely different interpretation.
That's why it's essential to know what to look for when choosing the best financial transcription service for your business. And it can be quite overwhelming when looking at and comparing service providers. This article will discuss what the financial transcription provider should offer.
Financial Transcription generates quality transcriptions dealing with financial information from recorded audio and video files. Basically, financial transcriptionists generate documents such as business and analysis reports based on the financial data provided.
Corporations and other businesses typically use financial transcripts to analyze the company's financial health at seminars, business meetings, and annual meetings. Businesses that have been transcribing their financial records for about three years or more can get a clear picture of their economic progress by comparing these records.
The financial transcription process is similar to other forms of transcription in that an audio or video recording is transcribed and shown to you. The main difference is behind the huge volumes of numbers that are spoken. Files that are often transcribed by financial transcription companies include income reports, sales reports, investor meetings, to name a few. One mistake can cause major inaccuracy in all company totals.
The requirements for financial transcriptionists are the same as for general transcriptionists. Here are some of the things you should look for when choosing the right financial transcription service.
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 myriad automated transcripts that have affected the growth of human transcripts. But it is a known fact that an automated transcription cannot be as logical or illogical as the quality of the audio file.
Therefore, when choosing the best transcription service provider, you must ensure that the quality provided by the provider is of the highest standard. Experts in professional financial transcriptions have an excellent command of the language and possess the skills and expertise in financial matters and a keen sense of numbers. The provider you choose should offer no less than 99% accuracy.
Transcription turnaround time is the time taken from when a transcriptionist receives the audio file to when the completed transcription is submitted to the company that provided the data. That said, when looking for the right transcription provider, you need to assess whether their turnaround times meet your needs. Also, you need to consider whether they are flexible if your needs change over time. If you need financial transcripts with faster turnaround times, you should find a provider that uses the latest technology to improve their turnaround time and efficiency.
In most cases, when choosing the right transcription provider, people tend to emphasize speed, accuracy, and cost. However, failing to employ a vendor with comprehensive security measures and reliable protection technology could result in a costly breach for your organization.
Therefore, when comparing transcription providers in the market, you should check whether their security standards are up to date. They should use VPN integration, network-wide redundancy, dedicated secure data centers, secure FTP servers, and secure 256-bit SSL encryption.
Other things you should consider when choosing a financial transcription provider are:
