9 Best Financial Management Tips for Traveling Filipino Entrepreneurs


Now that the world is even more connected than ever before, more Filipino entrepreneurs and startup owners have embraced the opportunity to do business beyond local borders. The flexibility that comes with owning a contemporary business also makes it easy for an entrepreneur to travel while attending to their operations. Travel also offers exciting possibilities for growth and networking and may even yield the possibility of expanding the business globally in the near future.


Grow your finances like a mangrove forest does. 

But to get the most out of each travel experience while also managing a business, an entrepreneur will have to be prudent about their financial management. If you oversee a startup or small- or medium-sized enterprise (SME), you’ll need to be extra smart about your financial planning and housekeeping in the midst of your travels. To that end, here are nine valuable financial management tips specifically tailored for Filipino entrepreneurs who frequently travel for business and leisure, or expect to do so soon:


1) Establish a Solid Financial Foundation for Your Business with a Business Deposit Account


First, before embarking on any new travel adventures, ensure that your financial affairs are in order. You’ll want to stay on top of your business banking and ensure that cash is moving in and out of your account as expected.


These days, opening a business deposit account that you can use on your travels is simple and easy. In fact, you don’t even have to be limited to traditional banks. For instance, Maya Business, one of the leading financial technology or fintech outfits in the Philippines, offers business deposit accounts that are specifically geared for SMEs and startups. With an account from this fully digital bank, your business can earn a 2.5 percent interest rate, which is up to 4 times more than your mainstream banks.


Best of all, there’s no minimum required balance, unlike traditional banks that oblige depositors to maintain at least a PHP 10,000 minimum deposit in their accounts. With the right account to easily manage your business finances, you’ll have one less thing to worry about when you’re jetting between destinations.


2) Leverage Digital Tools for Financial Efficiency


Next, as a traveling entrepreneur, you’ll need to rely on mostly digital solutions for seamless financial management while you’re on the go. Utilize online business banking and mobile payment platforms to manage your transactions efficiently.


Moreover, consider adopting cloud-based accounting software to allow both you and your team to access financial data from anywhere. Expense-tracking apps, on the other hand, can help you monitor your spending and track your receipts during your travels.


3) Delegate Responsibilities and Empower Your Team


As a business owner, it’s likely your first instinct to want to be in control of everything. However, it’s the practical thing to do to delegate specific financial management-related tasks and responsibilities to your team members if you’ll be traveling often.


Empower your staff to make financial decisions within their authority while you are away. To ensure the smooth function of your business in your absence, maintain clear lines of communication and provide necessary guidance.


4) Monitor Your Cash Flow Remotely


It’s especially important for you to monitor your business's cash flow when you’re away. Learn how to use financial dashboards and reports to track income, expenses, and receivables in real time. Various apps will allow you to do all these, but it’s in your best interest to choose one secure platform that’s designed for seamless integration with your business’ many financial requirements.


One good example is the Maya Business Manager, which can help you take care of your small business banking online needs as well as give you access to Maya’s different payment portals for receiving customers’ payments. An all-access dashboard like this one will allow you to do your business banking online and send payments to your suppliers via PesoNet and InstaPay links. That means you don’t have to worry about fines for delayed payments, even while traveling abroad.


5) Stay on Top of Your Tax Compliance and Legal Obligations


One of the most critical things to keep in mind while traveling as an entrepreneur is your compliance with Philippine tax regulations. Remember that you should seek professional advice to navigate international tax requirements if you conduct business abroad.


If you need to, hire additional accounting staff to help you keep track of filing deadlines and relevant tax documentation so that you can avoid penalties and legal issues. Luckily, today’s business banking Philippines options make it easy to pay your government dues via digital wallets and digital banking accounts like those of Maya. 


6) Manage Risks and Contingencies


Next, be sure to develop a contingency plan to maintain business continuity in the event of unexpected situations you may encounter while traveling. One possible action is to get business travel insurance coverage to protect you against financial risks. Don’t forget as well to implement cybersecurity measures for safeguarding sensitive financial data during your travels.


7) Optimize Currency Exchange and International Payments


If you’re traveling for business, do research favorable currency exchange rates and options before conducting any international transactions. You’ll be able to minimize currency conversion fees by choosing the most cost-effective payment methods. You may also consider using multi-currency accounts to manage funds efficiently across borders.


8) Balance Travel Costs and Business Returns


To ensure a reasonable return for each trip you make while on official business, assess the financial benefits against your expenses. After every trip, make sure to evaluate the impact of your travels on business growth and expansion. Using what you’ve learned, optimize your travel plans to strike a balance between maximizing business outcomes while on travel and managing your costs in the most effective manner.


9) Cultivate Financial Literacy and Personal Growth


Lastly, take the opportunity to invest in your financial literacy to make well-informed decisions while traveling. Learn from your travel experiences and apply newfound knowledge to improve your business decision-making. This will leave a positive impact on your personal development by improving your financial leadership, and, in turn, contribute to your long-term business success.



With the help of these tips, it won’t be hard to manage your business while you’re out exploring new horizons. Take advantage of the unique freedom that comes with being a traveling entrepreneur but temper it with the need to be even more responsible and in control of your business finances.