I don't believe that there is an out-of-the-box method to translate content (except picklists, of course).
However, I have created the custom object you are speaking of to support multiple translations of translation of Account Name.
I created a custom detail record off Account called Account Translation which has several fields - Language, Name and Transliterated Name (this likely irrelevant in your case). If there becomes a requirement to translate the Notes field, or anything else, I'd add a separate field for Notes.
I then created a Tab for this object so that it can be treated as a first-class citizen in the search bar. I made the tab hidden by default and noted in the description that it is only for system purposes.
I went one step further (again, not likely useful in your case) to add an Apex roll-up into a field on Account called Account Name Translations which basically contains data like the following (the parenthesized bit on Chinese is the pinyin Romanization. My users might opt for a non-pinyin transliteration instead, like Shiayhuay Zoojih):
Spanish: Organización de Asociaciones
Italian: Organizzazione delle Associazioni
Chinese: 协会组织 (Xiéhuì Zǔzhī)
Since my requirement is to track official organization names in other languages, translation APIs are entirely irrelevant. I leave the translations in the hands of the people entering the rest of the data.
If I were going to also translate content, like you, I'd likely make callouts to some APIs to provide a first-draft machine translation of the various content into some or all of the languages and would certainly not roll that information up into any sort of field on the Account object.
But your actual implementation would depend on your use case. I'm only guessing here.
