StatementScan.io Review: How Accurate Is Its Bank Statement Conversion?

StatementScan.io is an online bank statement converter. People who need to convert a PDF copy of a bank statement into an editable Excel spreadsheet often use this tool. PDF files work well for reading, but they can make the data hard to use in Excel or accounting software. This is where an online bank statement […]

StatementScan.io is an online bank statement converter. People who need to convert a PDF copy of a bank statement into an editable Excel spreadsheet often use this tool. PDF files work well for reading, but they can make the data hard to use in Excel or accounting software.

This is where an online bank statement converter can help. It can take a bank statement and turn its transactions into a spreadsheet.

StatementScan takes a bank statement and turns its transactions into a spreadsheet. It not only converts the statement. It also checks the extracted transactions against the closing balance on the original statement.

So, how accurate is it? Let’s test this out.

What Is StatementScan.io?

StatementScan.io is a free bank statement converter that turns bank statements into Excel or CSV files. It accepts PDF, JPG, and PNG files. It can also process scanned and photographed statements.

The tool does not require an account or sign-up. It also does not place a daily limit on conversions. That means you can simultaneously extract data from your bank statements without paying a penny.

The output from this converter includes five main fields:

• Date of transaction
• Transaction details
• Money in & Money out
• Deposits & Credit balance

The tool offers to download the result as an Excel or CSV file that works with MS Excel, Google Sheets, QuickBooks, and other bookkeeping software.

How Does StatementScan Convert a Bank Statement?

This online bank statement converter uses OCR technology to extract text from PDF bank statements and convert them into organized spreadsheets. The tool is very simple and easy to use. To convert a bank statement, you just need to:

1. Upload the file
2. Let the tool process
3. Download results

What’s the Extraction Accuracy?

To check the text extraction accuracy of this tool, we performed a small test. We uploaded a dummy bank statement PDF to the tool. 

As we uploaded the file, the tool automatically initiated the reading and conversion process. Just after a second, it provided us with the following results. 

To us, the bank statement conversion looks quite good. Excel and CSV downloads are also available, and we found no watermarks inside. 

Besides all that, a surprising thing is that statementscan.io does more than simple text extraction. Look at the ‘Ask about this statement’ section we have attached below. 

Based on the data inside the statement, it generated a summary telling:

1. Where the money is spent
2. What the biggest payments were
3. Who is paid the most

Seems to be quite a valuable output. 

How Does It Handle Scanned Bank Statements?

This is another useful part of the tool. A normal PDF may contain actual text. A scanned statement may only contain an image. StatementScan uses OCR for scans and photos. It also supports JPG and PNG files.

The quality of the image still matters.

A clear scan gives the OCR system a better chance of reading every row. A blurry or angled photo can cause problems. So, for the best results:

• Use a clear PDF when possible.
• Keep scanned pages straight.
• Use good lighting for photos.
• Make sure the full page appears in the image.
• Check the converted data before downloading.

Does It Work With Different Banks?

StatementScan does not rely on a fixed list of supported banks. Instead, it works out the layout from the statement itself.

According to the tool, this approach allows it to work with many banks, including smaller building societies and credit unions. It also supports both UK and US statements, including their different date formats.

This can be useful because banks do not all use the same statement design.

Is StatementScan.io Private?

Privacy matters a lot when you handle bank statements. For normal PDF bank statements, StatementScan says the file stays on your computer and gets read in your browser. It does not upload the PDF to its servers.

Scans and photos work differently because they need an image-reading service. StatementScan says these images go to Microsoft Azure for processing. The platform says that it does not share or sell users’ information for any purposes.

Final Verdict

StatementScan offers more than a basic PDF-to-Excel conversion. It can read digital PDFs, scans, and put transactions into clear spreadsheet columns. You can download the results as a CSV and Excel file that contains no watermarks. Most importantly, it checks the extracted transactions against the statement’s closing balance.