What Are Sub-Wallets?
Sub-wallets are essentially “mini” accounts within Boya, designed to help you categorize and control specific funds. By creating separate sub-wallets, you can allocate funds for designated purposes, whether for business expenses, or dedicated projects. Unlike opening separate accounts, sub-wallets let you compartmentalize expenses without the hassle of managing multiple sub-accounts.
Benefits of Using Sub-Wallets:
Sub-wallets offer several advantages that make financial management simpler and more efficient:
Better Budget Control: With sub-wallets, you can allocate funds for specific purposes making it much easier to track spending.
Enhanced Transparency: By organizing funds across various sub-wallets, you gain a clearer picture of where your money is going and how it’s being utilized.
Increased Security: Sub-wallets add an extra layer of control, limiting access to funds and reducing the risk of unauthorized or accidental spending.
How Do Sub-Wallets Work?
This is a feature flag and would need to be set up and activated by our engineers. However, managing the sub-wallets is straightforward. Once we have created the sub-wallets, you can allocate specific amounts to them, and use them exclusively for their intended purpose.
Best Practices for Managing Sub-Wallets:
To make the most of sub-wallets, we have found that it’s helpful to:
Regularly Audit Each Sub-Wallet: Reviewing each sub-wallet helps you stay on top of spending and ensures funds are used as intended.
Set Spending Roles: Adding roles to each sub-wallet prevents overspending and helps maintain approved spending.
Leverage Reporting Features: You can use the statements for each sub-wallet to give you insights into how each sub-wallet is performing, helping you make data-driven decisions.
Conclusion:
Sub-wallets are a game-changer for anyone looking to bring more structure and clarity to their finances. Whether you're managing business expenses or organizing project funds, sub-wallets provide the flexibility and control needed.
If you’re considering using sub-wallets, I’d encourage you to explore the feature and see firsthand how it can simplify your financial management.
Feature Control:
Please note that this feature is under a feature flag and is available to our Premium and Enterprise customers.
If you would like to have this feature activated, or simply learn more, please get in touch with us at: