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.
