I may need to change some words or texts in the interface for my project-will be able to do that from the admin panel?
Yes, the administration panel includes a special page (Website->Texts & Words) providing access and allowing to edit easily all texts and words shown in the interface on the front-end and user admin panels. So you can change from there any words or texts you wish to edit in the translation and click on Save when ready, which will instantly save the changes and make them visible on the site.
