Running a business in Guinea: payments, currency and sales tracking
Whatever your business (shops and grocery stores, restaurants, phone and electronics shops and hardware stores), in Conakry or elsewhere in Guinea, the same questions come up: how to set prices in GNF, how to track payments by mobile money and in cash, and how to know every evening what the business really earned.
Currency and prices in Guinea
In Guinea, you sell in GNF. The Guinean franc is counted in large sums, without cents: round your prices to amounts that are easy to give change for, and always write them in full.
Update your selling prices every time your supplier’s price changes: an increase you do not pass on eats directly into your margin.
Common payment methods in Guinea
Your customers can pay you by cash, Orange Money, MTN MoMo and card. You do not have to offer all of them: keep the ones your customers really use and that you know how to check.
With Orange Money and MTN MoMo, the money lands on your phone or account, not in the till: that is why you must record the payment method on every sale.
Record each method and reconcile every evening
- Record every sale with its payment method.
- In the evening, take each method’s total from your accounts.
- Compare each mobile money total with the credits in your app.
- Count the cash and compare it with expected cash: the difference is the cash gap.
- Record fees (withdrawal, transfer, commission) as an expense.
The most common businesses in Guinea
In Guinea, you mostly find shops and grocery stores, restaurants, phone and electronics shops and hardware stores. In all of them, three habits make the difference: track stock, know your margin and never mix business money with personal money.
Legal, tax and licensing rules vary by country and activity: check with the authorities or a local accountant before you start.
Run your business in Guinea with Kaislo
Kaislo works in GNF, offers cash, Orange Money, MTN MoMo and card and works even without internet. You record sales, track stock and customer credit, and get your evening accounts on your phone, tablet or computer. 30-day free trial, then from 135,000 GNF per month depending on your business.
Sales, stock, customer credit and evening accounts in one place, on phone or computer. 30-day free trial.
Running a business in Guinea: payments, currency and sales tracking
Which currency should I use in Guinea in Kaislo?
GNF, chosen automatically with the country when you create the business.
Which payment methods can I record in Guinea?
cash, Orange Money, MTN MoMo and card: the customer pays you as usual, Kaislo only records the method for your accounts.
Does Kaislo work without internet?
Yes: sales are kept on the device and sent as soon as the network returns.