Statement Converter

What Statement Converter does

Statement Converter is a privately held, bootstrapped software utility that converts bank account and credit card statements from CSV or Excel files into QuickBooks IIF format for direct import into QuickBooks Desktop. Founded around 2011 by Steve Rumberg, the company operates as a solopreneur business under the legal entity KRC Group, Inc., headquartered in Burlingame, California (with a corporate address in Campbell, CA). The product targets small business owners, bookkeepers, accountants, and individual QuickBooks Desktop users who need to automate manual transaction entry that cannot be handled by QuickBooks' native bank feeds — particularly users on legacy, Mac, or international editions of QuickBooks where native feeds have been deprecated or never functioned.

The core technology is a Microsoft Excel Add-in (.XLA file) built with VBA that runs natively within Excel on Windows and Mac. It includes a library of more than 100 pre-built converters, each tailored to the specific CSV/Excel layout, date format, and debit/credit conventions of an individual financial institution across the US, Canada, UK, Australia, New Zealand, South Africa, Italy, Ireland, Scotland, the Cayman Islands, Malta, and Puerto Rico. Supporting capabilities include a vendor/Account Lookup matching engine, a Two-Part Lookup add-on, a generic GSF converter for unlisted statement formats, and dedicated specialty converters for e-commerce sales receipt import (Amazon, Weebly, Expensify, X-Charge). The product is explicitly not compatible with QuickBooks Online, which represents both a deliberate focus and a structural constraint on the addressable market.

The business is monetized entirely through one-time license fees and ancillary services, with no subscription model. Standard converters sell for $19.95, specialty converters range from $29.95 to $49.95, and add-ons such as the Two-Part Lookup feature cost $4.99. Optional paid Quick Start telephone support ($49 per hour) and a managed Conversion Service ($99 first account, $1.95 per additional statement, with PDF extraction and manipulation tiers) provide services-led revenue. Distribution is exclusively direct through the company's own e-commerce website, with demand generated primarily by organic SEO, presence on QuickBooks community forums, and word-of-mouth referrals rather than paid acquisition. The company has remained self-funded with no disclosed outside investment since inception.

Name

Statement Converter

Legal name

KRC Group, Inc.

Website

https://statementconverter.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Statement Converter is a bootstrapped, founder-operated Excel add-in that converts bank and credit card statements from 100+ financial institutions into QuickBooks Desktop IIF format, sold via one-time licenses to small businesses, bookkeepers, and accountants.

Ownership category

akta.pro rank

Product category

Accounting Software

NAICS

Document Preparation Services (56141)

SIC

Services-Computer Processing & Data Preparation (7374)

akta.pro primary industry

Accounts Receivable (Invoicing, Cash Application, Deductions) (BPAAAGAB)

akta.pro secondary industry

Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG)

Keywords

• Bank statement conversion
• QuickBooks data import
• CSV to IIF conversion
• Transaction automation software
• Financial data conversion

Headquarters

HQ city

Burlingame

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. One-time Software License (Converter Purchase): Customers purchase a one-time license fee to use the Statement Converter Excel add-in for a specific bank/credit card issuer and transaction type (bank account or credit card). Standard converters are priced at $19.95. Some specialty converters (Amazon bank deposits, Amazon Local Register, Weebly Sales Receipts) are priced at $49.95. The Expensify converter is $29.95 and X-Charge converter is $29.95. The Generic Statement Format (GSF) converter for bank accounts and credit cards is $19.95. The Two-Part Lookup Option add-on is $4.99. Upgrades after one year are priced at 50% of current price.
2. Quick Start Support: Optional paid telephone and remote access support session, priced at $49 for up to one hour, including remote access to the customer's computer. Used by customers who want hands-on assistance with installation, setup, or conversion.
3. Conversion Service (Managed): For customers who prefer not to use the software themselves, a paid conversion service is offered. For PDF statements: $1.95/statement for data extraction, $29.95/statement for data manipulation, and $99 for the first bank/credit card account conversion (additional statements at $1.95 each). For CSV/Excel statements: $99 for the first account conversion, with additional conversions at $1.95 each.
4. Custom Converter Development: Custom converters built for customers whose financial institution is not in the library. Priced at a reasonable fee upon quote. Updates to existing converters when banks change CSV formats are provided at no charge.
5. Software Customization: The program can be customized for a customer's specific needs for an affordable fee, submitted via support ticket and quoted before work begins.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Statement Converter is a Microsoft Excel add-in (.XLA file built with VBA) that reads transactions from CSV or Excel bank account and credit card statement files and converts them into QuickBooks IIF (Intuit Interchange Format) files for direct import into QuickBooks desktop. The product includes a proprietary library of 100+ pre-built, institution-specific converters (e.g., Chase, Bank of America, Wells Fargo, American Express, Discover, CapitalOne) and processes a typical statement in under one second. The company also offers a managed Conversion Service, custom converter development, and the Lookup Feature for automatic vendor/account assignment.

Product overview

Statement Converter is a single-purpose Excel add-in that converts bank account and credit card transactions from CSV/Excel files into QuickBooks IIF format for import. The core product is the Statement Converter software (StatementConverter.xla), sold as a one-time purchase at $19.95 per bank/credit card type. The product portfolio includes optional add-on features (Lookup Feature for vendor matching at $4.99, Two-Part Lookup Option), premium support services (Quick Start Support at $49 for one-on-one remote assistance), and paid services (Conversion Service for full outsourced conversion starting at $99, and PDF to QuickBooks Service for extracting and converting PDF statements). The Statement Converter GSF generic version handles custom/unlisted statement formats.

Differentiator

Problem solved

Functional benefit

Products and services

• Statement Converter (Core Product) Core Excel add-in (Microsoft Excel .XLA file built with VBA) that reads transactions from CSV or Excel bank account and credit card statement files and converts them into QuickBooks IIF (Intuit Interchange Format) files for direct import into QuickBooks desktop. Sold as a one-time license per bank/credit card issuer and transaction type (bank account or credit card) at $19.95 for standard converters. Processes statements in under one second and supports QuickBooks Windows (1999-2022) and Mac (2004-2016), including US, Canadian, Australian, and UK editions.
• Statement Converter GSF (Generic Statement Format) Generic converter for users whose bank or credit card statement format is not in the pre-built library. Users arrange their exported data in a standard column layout (Date, Payee, Amount) and the converter processes it to QuickBooks IIF format. Sold as a one-time license at $19.95 each for bank accounts and credit cards.
• Conversion Service Managed a la carte conversion service where Statement Converter converts customer PDF, CSV, or Excel bank/credit card statements to QuickBooks-importable IIF files. For PDF statements: data extraction at $1.95/statement, data manipulation at $29.95/statement, and conversion at $99 for the first bank/credit card account with additional statements at $1.95 each. For CSV/Excel statements: $99 for the first account with additional conversions at $1.95 each.
• PDF to QuickBooks Service Specialized conversion service for customers with PDF bank statements. The three-step process includes: (1) extracting PDF data to Excel using third-party software such as Investintech, (2) manipulating the data into the Statement Converter layout, and (3) converting to QuickBooks format. Offered as a full-service DIY option or as a managed conversion service.
• Quick Start Support One-on-one telephone help with remote access support, priced at $49 for up to one hour. Includes guidance through installation, setup, and time-saving tips specific to the customer's situation. Used by customers who want hands-on assistance with installation, setup, or their first conversion.

Quantifiable outcome

• Processes a typical bank or credit card statement in less than one second
• +4 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature8 records

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Dext (formerly Receipt Bank): Receipt and document automation tool for bookkeepers and accountants that extracts transaction data from bank statements, receipts, and invoices and posts into QuickBooks, Xero, and Sage. Targets the same bookkeeper/SMB customer base with similar automation value proposition.
• AutoEntry: Cloud-based document data capture platform used by accountants and bookkeepers to automatically extract data from bills, receipts, and bank statements and post into accounting software. Overlaps Statement Converter's core use case of converting statements for accounting platforms, though delivered as SaaS rather than an Excel add-in.
• Transaction Pro: Direct QuickBooks import/export tool offering similar Excel- and desktop-based transaction conversion workflows for QuickBooks Desktop users. Closest direct competitor for SMBs and bookkeepers who need to move transactions into and out of QuickBooks files.
• Docparser: Document parsing tool that converts PDFs and other files into structured data, often used by accountants and developers to extract data from bank statements and invoices for posting into accounting systems. Comparable to Statement Converter's PDF-to-data conversion capability, though more developer-oriented.
• Hubdoc: Document collection and bank statement automation tool owned by Xero that captures bank feeds, bills, and receipts and posts data directly into accounting platforms. Competes for the same "automate bank statement entry into accounting software" workflow as Statement Converter.

Broad incumbents

• FreshBooks: Cloud accounting platform for small business owners, freelancers, and self-employed professionals that automates expense and transaction import. Targets an overlapping customer segment with Statement Converter (small business owners needing transaction automation), though delivered as a full cloud platform rather than a utility add-in.
• Xero: Cloud accounting platform with built-in bank reconciliation and Hubdoc integration that automates bank statement processing for SMBs and accountants. A broader incumbent serving similar SMB and bookkeeper customers with overlapping transaction-import workflows.
• SAP Concur: Enterprise expense management platform that automates credit card transaction capture, categorization, and posting into ERP/accounting systems. Comparable to Statement Converter's credit card statement conversion workflows but built for enterprise T&E rather than SMB QuickBooks use cases.
• Sage: Established accounting software platform serving SMBs and accountants with transaction import and bank feed capabilities. Competes with Statement Converter in the broader SMB accounting workflow space with a much wider product portfolio.
• Intuit QuickBooks Online: QuickBooks Online offers native bank feeds that directly compete with Statement Converter's core value proposition by automating transaction import for the cloud platform. As QBO continues to capture share from QuickBooks Desktop, it structurally erodes Statement Converter's addressable market.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Statement Converter