Why it's more important than ever to control your business budgets

Markéta Fiala

In today's fast-paced and competitive business landscape, having a firm grasp on your business expenses is more crucial than ever. Not only does it help you to stay within your budget, but it also helps to identify areas for cost-saving and growth opportunities.

One of the most important reasons businesses need more control over their budgets is to avoid overspending - especially in a challenging economic climate. When you have a clear understanding of your finances, you can make informed decisions about where to allocate resources effectively. This ensures every dollar, pound or euro spent contributes to the overall goals and objectives of the company.

Another benefit of budget control is improved cash flow management. By closely monitoring income and expenses, businesses can identify potential bottlenecks or areas where cash may be tied up necessarily. This enables them to take proactive measures such as negotiating better payment terms with suppliers or adjusting pricing strategy accordingly.

Moreover, having greater control over budgets allows businesses to prioritise investments wisely. Whether it's expanding overseas, launching a new product or services, investing in marketing campaigns, knowing how much capital is available helps in making strategic choices that align with growth objectives.

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How to split your business expenses

One of the main benefits of splitting expenses is increased control and visibility over your budget. By dividing your expenses into specific categories, you can easily track where your money is going. For example, by separating marketing expenses from supplier costs you can better understand the impact each area has on your overall business health.

Dividing your business expenses into specific categories such as staff, suppliers, marketing, subscriptions and software tools can provide great control over your cash-flow.

🖥️ One major area where businesses need to split their expenses is subscriptions. Whether it's accounting tools like Xero, FreeAgent or QuickBooks, design tools or business account subscriptions, helping to monitor costs associated with various software tools and services you use for daily operations can identify redundancies or opportunities to optimise costs without compromising productivity. For example, instead of paying a monthly fee to have a business account, you could choose Wise Business without any recurring monthly fees.

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🔔 Another important expense category to consider is suppliers. Splitting expenses related to different suppliers means carefully analysing and optimising costs, ensuring smooth operations.

📈 One area where many businesses split business expenses is marketing - whether through paying external agencies or funding in-house activities. Allocating funds specifically for marketing activities allows you to reach a wider audience, build brand awareness, and ultimately drive more sales. Whether it's investing in digital advertising, content creation, or social media campaigns, setting aside a dedicated budget for marketing can greatly impact your business growth.

🌍 Expanding: Whether you're growing your business domestically or thinking about expanding globally, setting a budget aside to setting a budget aside to expand your operations is crucial. Whether it's hiring a team and finding a premises in another country, paying for local legal, tax or translation services, or even making sure you can afford regular business trips when you visit your team, budgeting is key to successfully growing your company.

Introducing Groups with Wise Business

At Wise, we understand that budgeting between different expense categories is key to growth. That's why we've launched Groups. With a Wise Business account, you now have the ability to create different Groups based on the specific needs of your business, in the currency you need. Admins can also send money from Groups, allowing for more efficient finance management.

Splitting your card expenses into Groups provides clarity when analysing financial reports, as well as giving access to funds via your team's Wise Business digital debit cards. Instead of seeing one large lump sum under 'expenses', these categorised Groups allow for more detailed insights into individual expenditure streams and which team members are using their Wise debit card to spend from these dedicated Groups.

Within each Group, you have the ability to create multiple balances in different currencies. This allows for clear separation of funds from the main Group based on your business needs. Admins can also send money from any of the opened balances in the Group.

Wise Business cards

You can also add team members into the specific group. Only those added will be able to see the money within that Group, order digital cards, and make purchases using the group's funds. Remember, Wise Business accounts already have different roles you can assign your team members and Admins (the most powerful of these roles) have access to and can spend from all Groups automatically.

It is also possible to order digital cards for spending purposes, with each user limited to a maximum of three digital cards at any given time across any Groups. Keeping track of all money movements such deposits, withdrawals, and card spending in each Group is easy.

Additionally, you can still enjoy all the Wise Business account benefits - fast international transactions with real exchange rates and low conversion fees whether your team is spending online or in the real world.

Take your business to new places with Wise Business:

  • No monthly subscription international business account

  • Multi-currency support: hold 40+ currencies, send payments to 160+ countries, and get local account details for 9+ currencies including GBP, EUR, USD, AUD.

  • Low cost currency exchange: mid-market exchange rate with transparent fees

  • Batch payments: pay up to 1,000 recipients at a time in multiple currencies with one spreadsheet

  • Multi-user access: manage user permissions and choose from any of the 5 roles to manage what your team members can view, access, and manage

  • Business debit expense cards for you and your team: up to three digital cards per team member, and set spending limits according to your business needs

  • Accounting integration: connect with Xero, QuickBooks, FreeAgent and more.


*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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