Because businesses are now required to disclose lease commitments on the balance sheet with FASB’s ASC 842 standards update, there is going to be significantly more work for corporate accountants and lawyers, especially if foreign leases are involved. Developing a streamlined lease agreement translation process with the right technology and lease translation partner can mitigate time, cost, human error and cut down on the stress that this new requirement can bring.
There are many reasons for taking the time to create a workflow that is as automated and effective as possible.
1. You may be dealing with potentially hundreds or thousands of lease contracts
Large corporations may work with a sizable number of foreign lease operators, and that means they likely have those leases in foreign languages. Even if you have translators in-house, this work could flood their desks for years.
Automation is the answer when it comes to having so many leases that need translation. The more that can be taken care of through established processes, such as converting all scanned documents to a searchable and translatable file format and having a centralized file management system will save time for the rest of the workflow.
2. This is not a standard translation process
With standard translations, human translators are essential. While they have their place with lease translation documents, much can be handled through an enhanced machine translation process. A human translator can review the machine translation for accuracy, so translators spend less time overall on the process when machines assist, which means the translated leases can be processed quickly and moved on down the workflow process.
3. Leverage each lease translation to minimize costs
Because much of the legal verbiage will be identical from lease to lease, computers can automatically parse those sections and insert these previously human translated content using unique translation memory, saving time and money on the translation process while still retaining human-quality translations.
4. This is a people-intensive process
With so many people involved in the workflow, from administrators who scan the initial lease, organize the files, direct them for translation and then for abstracting; to the translators, editors, and project managers involved in the translation process; to the accountants who ultimately utilize the lease information, it can be easy for things to get out of control. That’s why having centralized file management, and an established and streamlined workflow process is essential.
Take the time to identify what your lease agreement translation process will look like, including all participants in the planning process. Having an established workflow will mitigate stress, problems and costs.
Contact us today, if you’d like to discuss how to streamline your lease agreement translation process.