Accounting and Finance Department Embodies Fiscal Responsibility
July 19, 2018
Written By Adam Buckallew
For nearly 90 years, MFA Oil has built a reputation of conducting its business with steadfast financial integrity. The foundation of this commitment is rooted in the cooperative’s principles, which calls for fiscal responsibility and to do the right thing, ethically and morally, at all times. These sentiments, which have remained consistent since the company’s founding, guide the MFA Oil accounting and finance department.
Thanks to responsible stewardship, MFA Oil is in excellent financial condition with a strong balance sheet, says Gayle Bailey, senior director of accounting and finance.
“Maintaining a healthy balance sheet enables us to minimize costs and to be more profitable, which equates to more equity and patronage for our member-owners,” she says. “We take great pride in delivering straightforward and reliable reports to our stakeholders.”
Careful management and responsible business practices are the keys to the department’s effectiveness. Bailey and her crew of talented accountants, auditors and financial professionals ensure the company’s money and assets are prudently handled.
The accounting and finance team is composed of three essential units, each of which plays its own role in maintaining sound financial policies and practices within the company.
- Inventory accounting – tracks and keeps records of the millions of gallons of petroleum products handled by the company
- Banking – manages daily cash flows in and out of the company and makes loan recommendations
- Retail – administers the finances of the Big O Tires, Break Time and Jiffy Lube brands
“Each of these groups contributes to the overall success of the company and our ability to return value to our member-owners through growth in equity and patronage dividends,” Bailey says.
Even though the accounting and finance staff may not have direct contact with the cooperative’s farmer-owners, the work they do is vital. The department determines the overall profitability of the company and calculates how much members will receive in patronage at the end of each fiscal year. Accurate accounting and meticulous recordkeeping help to ensure farmer-owners receive as much patronage as possible in their dividend checks.
Through faithful adherence to sound financial procedures, the department delivers fiscal responsibility and compliance upon which members can rely. Their dedication to keeping costs down and providing consistent, trustworthy reports aids the cooperative in returning maximum value to its farmer-owners.