Firms considering foreign investment and joint venture opportunities, as well as multinational firms, may need assistance from CPAs. MTs can assist CPAs by improving client relationships, productivity, and communication, as well as decreasing costs. As businesses become more globally oriented, the need for translation of documents, manuals, contracts and various other texts increases.
Human translators are unable to keep up with the demand for their services.
In this computerized world, many companies are turning to machine translation to satisfy the growing demand for rapid, high volume translation of technical material of all sorts. This article presents a general overview of the history and development of MT technology and the major types of MTs available in the market and their applications. Finally, the impact of MT, especially in the accounting area, will be discussed. The idea of machine translation is not new. Initial research into the possibilities of machine translation began in the early 1930s, but it was not until the 1950s that the U.S. government formally recognized MTs and began to support research.