The purpose of editing and proofreading services is to remove grammatical errors, punctuation mistakes, typos, and incorrect spellings from your document. People who write novels, for example, often benefit from using book proofreading services UK to accelerate the publication process.
Since editors and proofreaders are trained professionals, it costs money to work with them and recruit them to work on your documents. Although writing-related services are increasingly affordable today, the cost of such services may represent a barrier that some students, academics, and businesspeople are unwilling to cross.
It is underreported, however, that using editing and proofreading services, despite the upfront cost required, can save a substantial amount of money in the long run. This article highlights some of the most notable and surprising examples of typographical errors and other language-related deficits that resulted in high costs for the publisher, and where the common-sense use of editors and proofreaders could have made huge savings.
Taxpayers pay $1.4 million due to typo at NYC Department of Education
Due to an accounting typo at the NYC Department of Education, the cost of the transportation fund was accidentally doubled to $2.8 million from $1.4 million. It was not until an audit was undertaken in 2006 that the typo was noticed.
$225 million lost due to two minor typos at the Tokyo Stock Exchange
The company Mizuho Securities, listed on the Tokyo Stock Exchange, lost approximately $225 million due to a pair of typos. Although the typos that caused the loss were noticed, transactions cannot be canceled on the Tokyo Stock Exchange, and so this typo caused one of the biggest losses of all time. In this case, hiring a proofreader, despite the relatively small cost, would have saved Mizuho Securities a fortune.
Advertising typo leads to $10 million loss for the Yellow Pages
In the 1980s, Banner Travel Agency’s advertisement in the Yellow Pages for “exotic” adventures was accidentally promoted as “erotic” adventures. This embarrassing typo led to a lawsuit that cost the Yellow Pages $10 million. Although the Yellow Pages experienced successes in the decade after this event, this event threatened the survival of the company.
Role of proofreading in saving money
The cases of typos leading to million-dollar losses described above are surprising. Admittedly, it is rare for a typo to lead to such a severe outcome.
However, improving the quality of the documents you write – for example, by removing typos, inconsistencies, and punctuation mistakes –has an impact on your reputation, which means that investing in proofreading services can often lead to long-term savings.
At the same time, proofreading saves you time and, in the end, time is money. With the time you save from proofreading, you can invest that in other important tasks, leaving the specialist task of editing and proofreading to a trained professional, who will ensure the document is presented correctly at a cost.
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