Finance and Procurement

Budget Management

Developing and maintaining the team’s budget, ensuring that resources are allocated appropriately across sub-teams and projects to meet deadlines and goals.

The first step in the Melbourne University Racing Team's workflow begins with budget preparation. FEIT requires MUR to submit its budget for the upcoming year, and this budget must receive approval before any orders can be placed. Each sub-team lead is tasked with providing estimated costs for the components needed for the upcoming year's competition. The Finance Officer creates a budget template and collaborates with sub-team leads and the executive team to identify components, suppliers, and market prices at the beginning of the year. Approval from FEIT is necessary before the Finance Officer can initiate component orders.

Financial Reporting

Keeping detailed records of all transactions, preparing financial reports, and providing regular updates on the team’s financial health, including tracking spending and forecasting future needs. This allows  the team to coordinate its spending as well as setting clear financial goals for marketing and sponsorships to coordinate and achieve.

The Finance Officer is responsible for maintaining the annual order form, which is an Excel sheet used for tracking and managing orders. This document, overseen by the Finance Officer, includes details such as the components ordered, quantities, pricing, the person who initiated the order, the order date, the generated PO number, and updates related to order placement, approval, and arrival. This financial overview becomes valuable for Cost Officers, aiding them in collecting data for the cost competition and ensuring transparency in the team's expenditure.

Finance Systems - Themis and E-Market

In the role of a Finance Officer, the student will be provided with access to the THEMIS and eMarket Portal. THEMIS serves as the University of Melbourne's online platform for placing orders and features a supplier database that can be utilized for inquiries. eMarket, integrated into THEMIS, offers an alternative method for order placement. Subsequently, these orders undergo evaluation and approval by FEIT. Once approved, the orders are processed and transmitted to the respective suppliers. It's important to note that all orders must be placed exclusively through THEMIS, and the University will handle payment.

Cost Estimation

Using existing data and experience, finance officer are responsible for collaborating with sub-teams to estimate costs for materials, manufacturing, and other resources, ensuring that all expenses align with the allocated budget.

Supplier Sourcing

Identifying and establishing relationships with suppliers, negotiating contracts, and ensuring that materials and components meet the team’s technical specifications at the best possible prices.

Order Management

Placing orders for necessary parts and services, tracking delivery timelines, and ensuring the timely receipt of all materials to avoid delays in the project.

After receiving the quotation and obtaining approval for the order in THEMIS from FEIT, a Purchase Order (PO) is generated. The Finance Officer is responsible for ensuring that the PO number is accurately referenced in the invoice submitted by the supplier to the University.

Upon the arrival of the ordered products at the University, the Finance Officer is notified. Subsequently, it becomes their responsibility to physically or organise for someone else to collect the items. During this process, the Finance Officer is tasked with verifying the products and updating THEMIS to release payment to the supplier.