Public listed companies share critical financial data during their conference calls. This makes it all the more important and vital for conference call transcripts to be completely free of financial errors. Let us look at how critical these financial data are for conference call transcripts and how financial errors impact the transcripts. If you are a transcription solution provider delivering conference call transcripts for financial institutions, then you should ensure that you don’t have a single financial error in your transcripts.
Financial errors are basically numerical errors that are considered as the most severe ones as far as conference call transcripts are concerned. You can just imagine what impact it makes if the revenue of a company is wrongly published in your transcript. Assume you transcribe “$18 million” for “$80 million”; this one error can kill your whole transcript. Normally, these types of financial errors happen when machine-generated transcripts are not properly proofread. It is important to proofread conference call transcripts by qualified transcription professionals who specifically look for these types of errors. Professionals specialized in doing conference call transcripts do thorough research before they actually go ahead and start proofreading or editing these machine-generated transcripts. Most of the cases, companies publish financial data before they conduct conference calls. A person, who does a proper research, easily identifies and corrects the financial errors that appear on raw transcripts.
Then you have non-numerical financial errors, which are as bad as numerical financial errors. Non-numerical financial errors meaning; it is not wrongly transcribed numerical figures that spoil the transcripts, but wrongly transcribed words. Say for example, “expenses increased by 20% versus last year” is what is transcribed for “expenses decreased by 20% versus last year”. If you look at this, the number “20%” is perfectly alright, but what have gone wrong here are the words “increased” and “decreased”. This error is also considered as a financial error because this error directly impacts the financial data. Like numerical financial errors, these errors can also be avoided by thorough research and proper proofreading.