December is here, and it's time to wrap up the year. Before taking a short break and fueling up for 2023, we wanted to take a moment to look back and reflect on what we achieved last year.
2022 was mainly characterized by economic challenges such as the recession and high inflation rates. This situation again showed freelancers' importance and created huge opportunities for them. For us, the Lunafi team, it has been another fantastic year. We have continued to develop and improve Lunafi, adding new features and capabilities that have helped to make it even more useful and valuable for our users.
One exciting aspect of our user base is the diverse range of represented industries. The top 10 professions of our users in 2022 are:
1. Business Owners
3. Construction Contractors
4. Ride share/Delivery Driver & Drivers
5. Real Estate Agent
8. Hair Stylist/Esthetician
This diversity of professions reflects the versatility and adaptability of our product, which is helpful for a wide range of individuals and small businesses. We are proud to be serving such a diverse and dynamic user base.
7% of new users reported that they also have a W2 income, indicating that Lunafi is a valuable tool for individuals looking to manage their finances and taxes for multiple income streams.
In 2022, our users wrote off around $9,530 in business expenses on average, which can significantly impact their bottom line. This demonstrates the value of Lunafi as a tool for managing business expenses and maximizing tax deductions. On the other side, they spent an average of $22,540 on personal expenses in 2022.
One of the key features of Lunafi is the ability to track and manage expenses across multiple categories. In 2022, the top 10 business and personal expense categories for our users were:
2. Gas and Fuel
3. Bank Fees
4. Materials & Supplies
7. Dues and Subscriptions
8. Local Transportation
1. Dining & Drinks
5. Entertainment & Rec.
6. Healthcare & Fitness
Last year, our users set an average income goal of $152,223, indicating that they are ambitious and motivated to grow their businesses. Now let’s take a look at what we shipped throughout 2022.
In January, we introduced Lunafi 2.0. It came with a complete UI/IX overhaul and some new features. The new Home dashboard lets our users know about their business finances at a glance with customizable insight cards. The new Finances tab enabled breaking down the profit, revenue, and expenses by cohorts and seeing top spending categories and merchants.
Introducing personal spending categories completed the picture for our users who want to manage all their finances in one place. With Income Goals, it's become very easy to set an income target and track the progress toward that goal.
We also made it possible to split a transaction into personal and business spending buckets and add a receipt photo to a transaction. These new small features help a more accurate and robust bookkeeping experience.
Another exciting announcement for us was introducing Invoicing. We took another step towards our vision to offer one shop for all financial tools by providing one of the most effortless invoice management experiences on mobile. The release was our first step with Line Item templates, payment reminders, and duplicating capabilities. More on this one next year.
One of Lunafi's top features is more accurate now. We have introduced State Tax estimations to the Estimated Tax Liability for certain states. This will be an ongoing work on our side, and we will support all states soon.
After carefully considering all our options for making a business out of Lunafi, we offered Lunafi services with a one-month free paid plan in 2022. Instead of a single monthly price, we let our users choose the amount they think would be fair. The yearly plan is one of the most affordable plans available in the market.
Lunafi has proven, once again, to be a valuable and successful tool for freelancers and independent workers in 2022. Its comprehensive features and intuitive interface have helped users track their expenses, estimate their taxes, and manage their invoices, saving them time and money. We are committed to improving and developing Lunafi based on their valuable feedback.
As the demand for flexible, independent work continues to grow, we believe that Lunafi will remain a valuable and necessary tool for self-employed individuals who are looking to manage their business finances. Whether you are a freelancer, independent contractor, or small business owner, Lunafi can help you to track your expenses, estimate your taxes, and manage your invoices, giving you the confidence and peace of mind to focus on what you do best: your work.
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