Adding to their skills, the Hospitality and Life Skills students learn basic accounting and financial management to prepare them for back-office positions in the hospitality industry.
Basic Accounting in The Hospitality Industry
Accounting skills are necessary for the hospitality sector to help the business tracking their transactions, identifying the liabilities, doing the taxes, tracking the cash flow, etcetera. By learning the basics of accounting, the students will be more prepared for employment in the hospitality industry, especially if they are interested in the back office department. The back office department includes positions such as income officer, account receivable officer, account payable officer, cost control officer, and chief accounting.
Financial Management Class
During the 1st three months of Hospitality and Life Skills at Bali WISE, the students are learning the basic concepts of accounting, recording transactions, writing journals and ledgers, financial statements, profit and loss, statement of capital changes, statement of cash flows, and personal financial management. This specific class is about the basics of business accounting, added with personal financial management skills to prepare the students for living on their own and being financially independent.