Download Simon Says from the Mac App Store.
Drag in FCP events with clips (including multicam, sync, or compound), transcribe them, and get back FCP ranges. Bookmarked passages and notes come to FCP ranges as favorites and markers, respectively.
When you're done editing and preparing for distribution, drag in an FCP event with a project. You can get back a transcript and preview captions in the visual subtitle editor. Then drag back the FCP captions or FCP titles to your FCP event.