Speedway Motorsports Revolutionizes Finance Department Using AvidXchange
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Speedway Motorsports operates 11 racetracks around the country, from California to New Hampshire, Charlotte, and in between. We can have thousands of people that we employ on an event weekend. Our mission at Speedway Motorsports is the fan experience. We want to make sure that our fans have the absolute best time when they come out here.
Before AvidXchange came on board, we were still doing things very manually. We would have paper POs, we would have paper invoices. Nothing electronic at that point in time, printing checks, taking home buckets of invoices and checks to sign manually and go through. So it was challenging.
When I first started each track pretty much operated as its own independent entity. So visibility across the tracks, none. With AvidXchange, we've been able to open up access to the accounts payable portal. So we have anywhere from an administrative assistant creating a PO, to an executive vice president approving a PO and an invoice.
They're traveling all over the place, working at different tracks. The processing time is just minutes now because people can access it. The implementation team with AvidXchange was super responsive, super helpful. The ability to integrate with our accounting system was huge.
Because we've got all of our payables within one database, we can see who our biggest vendor is. We're paying maybe some vendors at all 11 locations, but didn't know what that consolidated number looked like. Being able to look at who our largest vendors are, and how much money we spent with them, has helped us leverage partnerships with them. Since implementing AvidXchange, we've saved at least $300,000 on the bottom line.
In addition, we've saved probably over 200 hours in accounts payable time because the process has just been so sped up. We've reduced our month end accrual close time from what was probably a day and a half to 30 minutes to an hour. Across the board, the staff have loved it. It's given them the ability to look deeper into what our spending is.
So we've been able to analyze things a little bit better. We've been able to save money, which has allowed us to spend money on other things to enhance the fan experience.
