Outflow
This process involves recording purchases during the regular outgoings of the business, including PLG operations and race days. Corporate purchases are handled though a separate process (refer to “Purchase Orders – Corporate” process). The types of purchases handled by this process include food and beverage, capital, and operational outflows, each type going through their own process.
Applications involved:
- E5: Acts as a record for all outstanding accounts payable for the business. Invoices are added to a queue where they will be approved and later to be paid during the next payment cycle.
- Kofax: Software which reads and processes financial documents via image scan.
- Ungerboeck: Used for processing invoices once approval is given through e5.
Workflow Diagram:
Food and Beveridge orders placed through online retailers send their tax invoice to the accounts payable MRC email. The invoices are scanned through Kofax to read their contents (may be manually processed if it is an invalid template). The invoice would be added to the queue in e5 where it would be approved to be settled in the next payment cycle.
Capital purchases differ through the need to create a purchase order in Ungerboeck for the respective account. As well the respective department of racing or PLG will manage the approval of the order, and finally the invoice is processed through Ungerboeck.
The process for operation purchases is similar to capital purchase, however with the change of only requiring an Ungerboeck purchase order if it is done through racing.