Speedway Motorsports Revolutionizes Finance Department Using AvidXchange
Speedway Motorsports, founded in 1959, is a leading marketer, promoter, and sponsor of motorsports. Operating 11 facilities across the U.S., including Charlotte Motor Speedway and Bristol Motor Speedway, the company is committed to providing the best fan experience in motorsports.
Sara Grafals, Senior VP of Regional Finance at Speedway Motorsports, leverages her 20+ years of experience to drive process improvement. A former motorcycle rider, Grafals is passionate about optimizing financial operations for the entire organization.
"AvidXchange streamlines tasks, provides real-time insights, and gives us the ability to negotiate savings, reinvesting in our fan experience."
Siloed Processing and Limited Visibility
Transitioning to a shared services model, Speedway Motorsports faced challenges with siloed, paper-based processes. The accounting department lacked a centralized accounts payable solution, resulting in inefficient month-end closing processes and an inability to run company-wide reports for strategic decision-making. With operating tracks across the country, Speedway Motorsports required an AP solution that kept things moving forward as team members worked from California to North Carolina.
Automation Drives Efficiency
Speedway Motorsports adopted AvidXchange’s purchase-to-pay solution which streamlined invoice processing and supplier payments. This simplified their month-end accrual process and allowed them to reallocate time to more strategic business initiatives.
Fueling Company Savings and the Fan Experience
The benefits of adopting AvidXchange for Speedway Motorsports included an annual savings of over $300,000. Their month-end accrual process was shortened from a day and a half to 30 minutes and they are saving over 200 hours annually. Speedway Motorsports reallocated their savings and time spent on their AP process to fueling their larger company mission of enhancing the fan experience. Loyal racing fans save year-round to attend events and now Speedway Motorsports has more resources to invest in delivering an experience that leaves fans yearning for more speed and engine revving pit stops.
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