Bringing Machine Translation into Accounting: Practical Uses and Limitations

As an accountant, I’m always interested in topics related to accounting, taxation, and business management. Lately, I’ve been looking into machine translation (MT) and exploring its relevance for our field.

If you, like me, are curious about what MT is, its pros and cons, and how it applies to accounting, let’s take a closer look.

Machine Translation: From Rule-Based Systems to Artificial Intelligence

Machine translation has come a long way — from rule-based methods to statistical models (which compare language pairs) and now to neural networks. There’s also a hybrid approach that combines these earlier methods for even greater accuracy.

Neural machine translation (NMT) is especially interesting because it doesn’t just match words and phrases; it uses neural networks to analyze context and nuances. Imagine if your favourite accounting software continuously learned and adapted to new information — that’s the level of innovation we’re talking about with NMT.

NMT generally offers higher quality, greater flexibility, and the ability to tailor translations, which makes it reliable for non-translators like us to use in daily work. Big players like Lingvanex, Google, and Microsoft are pouring tons of money into developing these services, constantly making them better, faster, and more user-friendly.

Applications of Neural Machine Translation in Accounting

Let’s explore some practical ways MT can benefit accountants:

• Translating Financial Documents. Many companies work with international partners, which means handling contracts, reports, invoices, and other documents in various languages. MT allows quick, rough translations so you can understand document contents without waiting for a full manual translation.
• Communicating with International Suppliers and Clients. Today’s MT tools make it easy to communicate in real-time with clients, suppliers, or auditors abroad. MT helps streamline contract negotiations, financial data exchanges, and other accounting discussions. This can even extend to translating calls or messages instantly.
• Preparing Multilingual Reports. MT helps accountants quickly create reports, financial statements, tax documents, and more in multiple languages. For more accurate translations, NMT models can be customized with your company’s specific terminology, usually in a few weeks, to deliver results that align with industry standards.

Using MT in these areas saves time and simplifies routine tasks, allowing us to focus on higher-priority work.

Limitations of Machine Translation

Despite its usefulness, MT has its limitations. The quality of machine translations can depend on:

• Similarity between Languages Involved,
• Subject and Style of a Text,
• Amount and Quality of Training Data for a MT Model.

Accounting documents often contain technical terms that MT may not translate perfectly. To minimize errors, customization is recommended—essentially tailoring the MT system to specific industry terms and language nuances.

In accounting, documents like contracts and financial statements require precise language. MT systems might miss the specialized vocabulary used in our field, which is why customizing MT to include your company’s terminology is so valuable. This extra step can significantly improve accuracy.

To improve MT quality, create a glossary of essential industry terms and note any words that don’t need translation. If you’re working with a translation provider, share this information with them, or consult a specialist to ensure accuracy when translating financial documents.

Choosing the Right Machine Translation Solution

Choosing the right MT solution will depend on your specific needs and the type of work you do. Some tasks may require more advanced or customizable MT tools, while others may be manageable with general-purpose systems.

Conclusion

Machine translation has evolved beyond novelty. It’s now a powerful tool with growing applications in fields like accounting.

While MT can significantly enhance efficiency, especially for routine tasks, it’s not a complete replacement for human translators — particularly for important documents. Professional translators provide a level of accuracy and natural language flow that MT may not fully match.

However, by helping process foreign documents quickly, MT allows accountants to respond promptly to international clients, communicate effectively, and generate reports in multiple languages. In short, MT can save time and increase productivity, making it a valuable resource in today’s globalized accounting world.