Controlling and separating your finances with Groups

In today's fast-paced business landscape, financial management can make or break a company's success. Businesses often struggle to clearly differentiate between various financial expenses and cost centres, such as marketing, subscription payments, vendor bills, supplier payments and more. Controlling and separating your finances as well as who in the company can access and spend is crucial, and that's why at Wise Business, we designed a feature called 'Groups', allowing you to budget for your card payments more easily. Admins can also send money from any Group, making multi-currency payments management more efficient.

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Controlling and separating your finances

With Groups, companies can segregate their digital business card expenses based on teams and purposes in multiple currencies. For example, the marketing department could have its own Group for online advertising expenses in British pounds, while the sales team could manage a separate Group for client entertainment expenses in Euros. Admins can also send money from Groups in multiple currencies, whether it's to pay invoices, suppliers or staff.

By adopting multi-user access features, businesses can now not only designate roles and control their financial management, but also offer a more structured approach to accounting and payment separation. You can also hold multiple currencies and spend from them within each Group.

Using Groups

• Separate money and control access for team expenses: business owners can create Groups for each team and department, such as marketing, HR, or sales, to ensure digital business cards are being used for a specific expense category.

• Separate money by payment purpose: businesses can set up Groups dedicated to specific expenses like subscriptions, ensuring these payments are distinct from day-to-day operations.

• Set aside money for vendor payments: companies can create Groups for major vendors like Amazon, making it easy to manage and allocate funds for specific expenses.

• Event expense management: business owners organising events can use Groups to allocate funds and pay event-related expenses separately using the digital cards allocated to this specific Group.

• Control access for individual or team expenses: sales managers can create Groups for individual sales reps, allowing precise control over spending and better tracking of individual expenses.

Creating a new Group

At the moment, only Admins and Owners can create Groups. To open a Group, click on 'Main Group’, and from the Groups menu click on New. Name the Group as desired, customise your Group by choosing an icon, and default currency. The Group’s total balance is shown in the default currency, but you can change this.

Editing or closing existing Group

On the web, select the Group you want to edit and click More. Click Edit Group to change the Group name or currency, or click Close Group to close the Group.

Closing a Group moves all funds to the Main Group, removes all team members, and deletes all the Wise cards associated with that Group. As an Admin you might want to delete a Group once all expenses have been used to manage your cash flow more efficiently. You can also block and delete cards within a Group.

Adding more currencies to an existing Group

Firstly, choose the Group you’d like to add a new balance to, simply click on the plus sign and choose the currency you’d like to add.

Adding and withdrawing money from Groups

To add money to a Group, admins can move money from the Main Group balance, which is free if it’s in the same currency. For example, it’s free to move money from your GBP Main Group balance to a GBP Group. If you add money from a Balance to a Group of a different currency, the usual conversion fee will apply. To withdraw money from a Group, you have to move the money to your Main Group first. Currently, it’s not possible to convert money between balances in a Group or between Groups.

Adding and managing team members in a Group

Only team members with Admin roles can create a group and invite team members with Admin or Employee roles. Once a Group is set up, the Admin will see the newly created Group page. Admins have the overall control over the Group, and can invite and manage the Group's team members.

The admin can:

• Create, edit, and close Groups
• View, add, and close balances within Groups
• Send money from any Group
• Add and withdraw money to/from Groups
• Add and remove team members to Groups using the Members tab in the Group page
• Order and spend with digital cards linked to Groups
• View all cards and transactions made by all team members within a Group
• Download statements for each balance within a Group

Employees who’ve been added to Groups can:

• See the total amount of money and view their own transactions for Groups they’ve been added to
• Order and spend with digital cards linked to the Groups they’ve been added to.

Managing members in Groups

Ordering cards, viewing team members’ cards

Only digital cards can be ordered in a Group using the Cards tab. It is not currently possible to order physical cards or assign existing physical cards to a Group. Admins can order digital cards for themselves. Team members added to Groups can also order their own digital cards in the Group page. Admins can see their own card details and who in the Group has cards. However, they cannot see the full card details of other team members’ cards. At the moment, you can have 1 physical card in the main group and up to three digital cards per user across all Groups.

By selecting the Card menu on the home page, you can view all your users and set payments permissions for each of them. You can also view what Group the user belongs to (if any) and how many cards they hold.

Viewing Groups transactions

Users can view transactions in the Transactions tab in the Group page. Admins can view all transactions in the Group. Employees can only view their own transactions. This enables more precise spending control when using cards and seamlessly integrates with our multi-user access feature.

With Groups, businesses can organise card expenses by teams and purposes, in multiple currencies, leading to streamlined card expenses and enhanced financial management.
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