Gusto + Contractors & Freelancers: Faster Bank Import
Contractors and freelancers juggling personal and business accounts need to separate expenses for tax purposes. If you use Gusto for your accounting, you need a fast way to get bank statement data into the system.
BankScan AI for Contractors & Freelancers Using Gusto
BankScan AI converts any bank statement PDF to CSV formatted for direct import into Gusto. Upload your bank statements and get organised spreadsheets that make expense categorisation and self-assessment tax returns straightforward.
The Contractors & Freelancers + Gusto Workflow
Contractors download bank statements from both personal and business accounts, separate allowable business expenses from personal spending, categorise expenses by type for self-assessment, and either prepare their own tax return or send organised records to their accountant. Limited company contractors also need to reconcile director's loan accounts.
Key terms you'll encounter: IR35, director's loan account, allowable expenses, flat rate VAT.
How It Works
Upload any bank statement PDF
Supports all major banks. Saves 1-2 hours per month on expense tracking and categorisation, plus 3-4 hours at year-end when preparing records for self-assessment
AI formats for Gusto
Output as CSV with N/A — Gusto is payroll software. Use BankScan AI output to verify payroll debits, tax deposits, and benefits payments match Gusto records. — dates in MM/DD/YYYY (for reference).
Import and reconcile
Gusto doesn't import bank statements. Use BankScan AI to convert your statements to Excel, then filter for payroll-related transactions to reconcile against Gusto's payroll reports. Reconcile Gusto payroll runs against bank statements by matching BankScan AI's extracted debit amounts to Gusto's payroll summary reports — catches timing differences and failed ACH transfers.
Supported Banks
BankScan AI works with all major UK and US banks, including:
Gusto Features for Contractors & Freelancers
- Gusto ready — Output formatted as CSV matching Gusto's expected column structure
- Smart integration — Reconcile Gusto payroll runs against bank statements by matching BankScan AI's extracted debit amounts to Gusto's payroll summary reports — catches timing differences and failed ACH transfers.
- Built for Contractors & Freelancers — Saves 1-2 hours per month on expense tracking and categorisation, plus 3-4 hours at year-end when preparing records for self-assessment
- Software compatible — Output works directly with FreeAgent, Xero, QuickBooks Self-Employed
Import Steps for Contractors & Freelancers Using Gusto
As contractor, here's how to get bank data into Gusto:
- Gusto doesn't import bank statements
- Use BankScan AI to convert your statements to Excel, then filter for payroll-related transactions to reconcile against Gusto's payroll reports
Common Import Issues
No direct import. Use BankScan AI data to identify and verify payroll tax deposits (941, FUTA, SUTA) appearing on your bank statement against Gusto's tax filing records.
Gusto Import — Built for Contractors & Freelancers
Leading US payroll platform for small businesses with 300,000+ customers. Known for easy setup and excellent employee onboarding experience.
Try Free — Gusto + Contractors & Freelancers