When it comes to using audio for your live earnings calls, you want to make sure that you are delivering a message that is easy to understand and that can be easily conveyed to others. This is where transcription comes in. When you transcribe live earnings, you are converting the audio recording into a written word format. This makes it easier for people to read through the material and find the information that they are looking for regarding your company’s financial standing. There are several benefits of transcribing earnings calls for your company. So make sure that your transcriptions are easy to read and follow. Make sure that you are using quality live earnings transcription software. This will give you the ability to have someone go through the audio and write down exactly what is being said on the recording. This ensures that there are not any mistakes in the transcriptions.
It helps fulfill legal requirements
In the UK, the Companies Act 2006 requires all public limited companies to produce an audited set of accounts and a directors’ report. In the US, the Sarbanes-Oxley Act of 2002 (SOX) similarly requires organizations to keep accurate records of their financial activity and to produce accurate financial reports. The Companies Act states that a company’s accounts must be prepared under the supervision of its board of directors, who are responsible for complying with the Companies Act and with the Companies Act requirements for accounting records, accounting methods, and accounting standards.
Transcription services can be used by companies to keep a record of important meetings and conversations. For a small business, it is not always necessary to go through the hassle of transcribing every single call and meeting. However, if you do a lot of meetings and important ones like earnings calls, it is useful to have a full transcript available as a reference later on. It also goes without saying that it can be beneficial in the event of a legal dispute to have a transcript of the call. Also, if you decide to relocate the office through corporate movers, you can recollect your business and financial details and provide them to the world to quickly reestablish value and abide by the law.
Easy to measure
In the past, many businesses would ask their customers to fill out surveys. However, they would only get a few responses. Today, you can get every word from earnings calls and transcribe them into text. Then, you can easily share transcripts of the recording. Going through the text, you can then come up with actionable metrics to improve your business.
Offer accurate information
When you’re a small start-up, it’s tempting to put out press releases that make you look bigger, better, and more successful than you really are. It’s not just small start-ups that do this, though. We live in an age where we’re all so used to spin, exaggeration, and outright falsehoods that we’ve just come to expect it. Many of us don’t even realize how bad it has gotten. One of the best ways, to be honest, is to offer accurate information.
An earnings call contains a lot of valuable information about a company that you wouldn’t be able to get from other sources. That’s why it’s important to record the calls and transcribe them. Your company can then post the transcript to your website, where people can access the information. This makes it easier for people to find and read the information instead of having to listen to the call and try to remember key points or jot down notes. It also enables people to find information more quickly and accurately.
Sets a transparent image of your company
Transcription of a company’s earnings call is a very common practice nowadays. Sometimes it is done by a third party, sometimes by a company’s employees. The reason for the company itself to do it is simple: the company has a stake in its reputation and the reputation of its management. By publishing the transcript of the earnings call, the company can be sure that it is publishing the most accurate information. The next reason for the company to publish the transcript of the earnings call is that it can be used as a basis for the company’s financial analysts and journalists to write their reports on the company’s results. There is also an opinion that publishing the transcripts of the earnings calls can help investors (and the company’s management) see the company and its CEO in a more favorable way.
Provide to all stakeholders’ best interests
The stakeholders of a company are the groups or individuals who have an interest in the company. The stakeholders’ interests can be financial, political, or simply a matter of public image. Investing in the company’s stakeholders benefits the company in the long run because it creates value for the company.
Fortunately, this can be done by implementing the right live earnings transcription software. You can provide them with accurate and informative details on your company. With the financial data, you can make sure that your suppliers are happy and your customers are happy, and this leads to your business’s increase in sales and profit.