TRANSLATOR AND ACCOUNTING FIRM – CHALLENGES OF MODERN ACCOUNTING

The following text is a translation of an article originally published on the blog in Polish.

This text has been written in cooperation with MDDP Outsourcing, an accounting firm with its offices in Katowice and Warsaw, offering comprehensive accounting, HR and payroll services for partnerships, companies and groups, including international clients.

Contemporary challenges in accounting services

Signs of the modern times include the development of cross-border economic exchange as well as the more and more international range of activities of Polish and foreign businesses. A growing number of business entities from other European Union countries or from the United States are establishing their subsidiaries in Poland, thus entering the local market, creating logistics hubs or relocating their service delivery centres. Katowice is one of the best examples of dynamically developing urban centres open to new business.

Compliance comes first

One of the most fundamental issues that foreign entrepreneurs must take care of is ensuring that their activities comply with the provisions of Polish law, in particular in the field of taxes and accounting. Undoubtedly, in this realm, they need the support of a reliable partner who will provide comprehensive accounting, HR and payroll services, support them in the preparation of financial statements and managing payments, implement an electronic document workflow, and offer tax and legal advice. The MDDP Outsourcing accounting firm, having its branch in Katowice, is open to the expectations of entities with foreign capital.

Communication in English

Communication is undoubtedly important in the provision of expert accounting services to foreign entrepreneurs. Employees of an accounting office can be supported in this respect by a Polish-English translator specialising in the translation of texts in the field of law and finance. While the MDDP Outsourcing team has high linguistic competence, which allows them to communicate and exchange correspondence with foreign clients on an ongoing basis, the translator’s support proves valuable in case it is necessary to translate more complicated documents, complex descriptions of procedures or the ‘tax alerts’ prepared by the tax firm and intended for clients and for publication on its website and in social media.

Financial, accounting and legal translations

The translation of texts on accounting and tax matters combines elements of legal translation with the specialised issues and terminology of finance and accounting. It requires, first of all, an understanding of the issues to be translated, including the frequently changing legal regulations in this industry, as well as precision and focus on details, which are abundant in texts commissioned for translation. It is also important to ensure the transparency and style of the letters and information addressed to clients, which is not an easy task, taking into account the complexity of the subject matter itself.

MDDP Outsourcing in cooperation with EngLaw

EngLaw is trying to respond to the needs of the MDDP Outsourcing accounting firm in Katowice by providing it with professional translation services. EngLaw is a combination of legal and financial knowledge with professional translation skills, aimed at ensuring high substantive and linguistic quality of the translations performed. This specialisation profile allows EngLaw to adapt to the specific translation requirements of the accounting firm. In the cooperation of a translator and an accountant, mutual understanding and good communication are also undoubtedly important, and both parties can learn a bit from each other.

A translator & an accountant – a joint response to market challenges

As the above example shows, the partnership of an accounting firm and a specialist Polish-English translator is a response to the challenges of the contemporary market of accounting services. It is because specialised translation can add value to the services of an accounting office, enabling the accurate and accessible transfer of experienced accountants’ expert knowledge to foreign clients.