If you've searched for the Formula Bot bank statement converter, you'll find it now redirects to Better Analyst. Formula Bot has been renamed, and its bank statement converter is part of a general AI data-analysis tool with a PDF to Excel feature, rather than a product built only for statements.
Disclosure: this comparison is published by AI Bank Statement. Prices and policies were taken from each tool's own website in October 2026.
At a glance
| Better Analyst (Formula Bot) | AI Bank Statement | |
|---|---|---|
| Free option | 25 AI Actions a month | None |
| Entry paid plan | $20/month for 2,500 AI Actions | $12/month for 400 pages |
| How usage is counted | AI Actions: 5 per file (Table Extract) or 10 per page (AI Extract), +2 per page for scans | One page per PDF page |
| Outputs | Excel (.xlsx); CSV from chat tables | Excel, CSV, JSON, Xero CSV, QuickBooks 3- and 4-column CSV |
| Scanned PDFs | Yes, with scanned-document mode | Yes |
| Uploaded files | Retained indefinitely on paid plans; deleted after 60 days on free | Deleted immediately after processing |
Pricing compared
Better Analyst charges in AI Actions. A Table Extract uses 5 per file whatever its length; the more accurate AI Extract uses 10 per page, plus 2 per page for scanned documents. On the $20 Starter plan (2,500 AI Actions), AI Extract covers about 250 pages, or about 208 scanned pages.
AI Bank Statement's Starter is $12 for 400 pages, counted one page per PDF page.
If your statements suit the per-file Table Extract, Better Analyst can work out cheaper for long, clean PDFs. For scanned or complex statements, a dedicated converter is usually cheaper and more predictable.
Output for accounting
Better Analyst downloads an Excel file, and its chat can export tables as CSV. It suggests importing the clean data into QuickBooks or Xero yourself.
AI Bank Statement outputs Xero CSV and QuickBooks 3- and 4-column CSV files, laid out for each tool's import.
What happens to your statements
According to Better Analyst's security documentation, uploaded files are retained indefinitely on paid plans and deleted after 60 days on the free plan, and its converter FAQ says exports are cleaned up after 24 hours without an immediate-deletion guarantee. AI Bank Statement deletes uploaded documents immediately after processing.
When to choose Better Analyst
- You want AI spreadsheet analysis as well as conversion.
- You convert a few statements a month and the free allowance covers them.
- Your PDFs are clean and long, suited to its per-file Table Extract.
When to choose AI Bank Statement
- You convert statements regularly and want simple per-page pricing.
- You import into Xero or QuickBooks Online.
- You want statements deleted immediately, not kept on a server.
- You convert credit card statements too, with the credit card statement converter.
FAQs
What happened to Formula Bot? Formula Bot is now called Better Analyst, with the same accounts and workflows. Formula Bot links redirect to Better Analyst.
Is the Formula Bot bank statement converter free? Better Analyst's free plan includes 25 AI Actions a month, which covers a handful of conversions. Paid plans start at $20 a month.
What's a good alternative to Formula Bot for bank statements? A dedicated converter such as AI Bank Statement ($12 a month for 400 pages) is simpler for regular statement conversion. See the full comparison of 10 bank statement converters.
