Audio Record Wizard has its own build-in audio converter. You can use it to convert audio files between MP3, OGG, WAV, FLAC audio formats. Also, you can use it to reduce file size of the recordings.

The file size of recordings depends on file settings. If you would like to reduce file size, MP3 is a good choice. Then, you still need to adjust some settings.

Click Options to open Options

Go to Files tab

Then, click MP3, OGG, WAV, FLAC label to open the related settings.

For minimizing the file size of the output file

Select MP3
Sample rate: 8000 Hz
Channels: Mono
Mode: Normal
Bitrate: 8 kbps

For OK quality of the output file (voice recording)

Select MP3
Sample rate: 16000 Hz
Channels: Mono
Mode: Normal
Bitrate: 32 kbps

Then, right click the file within recording list, click Convert to, then MP3

Then, the build-in audio converter will convert the recorded file with the selected settings.

Then, You will get the converted file.