Just as functions $f:\Bbb Z\to\Bbb C$ with pointwise addition and additive convolution (and upward-closed support) correspond to formal Laurent series $\sum f(n)x^n$ with typical addition and multiplication, we can think of arithmetic functions $f:\Bbb N\to\Bbb C$ with pointwise addition and multiplicative convolution as "formal Dirichlet series" $\sum f(n)n^{-s}$ with typical addition and multiplication. Thus, arithmetic functions are the number-theoretic analogue of generating functions in combinatorics.
In this context, if $f(1)=1$ we have the Newton-Mercator expansion
$$ \sum_{n=1}^\infty\frac{\Phi(f)(n)}{n^s}= \ln\Big(\sum_{n=1}^\infty \frac{f(n)}{n^s}\Big)=\sum_{k=1}^\infty \frac{(-1)^{k-1}}{k}\Big(\sum_{n=2}^\infty \frac{f(n)}{n^s}\Big)^k $$
so therefore $\phi(f)(1)=0$ and for $n>1$ we ought to have
$$ \Phi(f)(n)=\sum_{k=1}^\infty \frac{(-1)^{k-1}}{k}\!\!\!\!\sum_{\substack{n_1\cdots n_k=n \\ n_1,\cdots,n_k>1}}f(n_1)\cdots f(n_k). $$
Note this sum is always finite. For example, the inner sum is empty when $k$ exceeds the number of prime factors of $n$ (counted with multiplicity). If we write $f\ast g$ for convolution and $f^{{\large \ast}k}$ for iterated convolution, the inner sum can be written as
$$ \sum_{\substack{n_1\cdots n_k=n \\ n_1,\cdots,n_k>1}}f(n_1)\cdots f(n_k) = \sum_{j=0}^k (-1)^j\binom{k}{j} f^{{\large\ast}(k-j)}(n) $$
since we can replace each $f(n_i)$ with $f(n_i)-\delta_1(n_i)$ and then nix $n_1,\cdots,n_k>1$ from the summation conditions, then expand. (Equivalently, inclusion-exclusion.)
If $f(1)\ne1$ the usual branch-cut discourse for $\ln z$ ($z\in\Bbb C$) applies, but in any case we can normalize the Dirichlet series and set $\ln\big(\sum f(n)n^{-s}\big)=\ln f(1)+\ln\big(\sum \frac{f(n)}{f(1)}n^{-s}\big)$, which means $\Phi(f)(1)=\ln f(1)$ and $\Phi(f)(n)=\Phi(\frac{1}{f(1)}f)(n)$ for $n>1$ otherwise.