Is the wrapping an organic material or is it some sort of plastic?

If it's burlap, you can leave it in place & the roots will grow through it, & the burlap will rot away.

If it's plastic webbing of some sort, cut it off & get rid of it.

Be sure to sort of 'rough up' the root ball;
if the root-&-dirt 'ball' is in the shape of the pot, it needs to be loosened so that the roots will spread out instead of wrapping around themselves.