Client Case Study – Oilfield Services & Machining – Alberta

Client Snapshot

• Alberta‑based oilfield services and machining company supporting oil and gas and related sectors such as horizontal directional drilling.​

• Grew from a low six‑figure revenue business with 3 staff to a mid‑to‑high seven‑figure operation with approximately 15 team members across multiple locations.​

• Transitioned from over‑leveraged, paper‑driven, “small‑time” operations to a professionally managed, growth‑ready platform.​

• Embedded fractional CFO and advisory relationship from 2018 to present, with daily involvement and a full outsourced finance function.​

The Situation (Before)
When the engagement began, the company was surviving but receiving little to no support or advisory. Severely over‑leveraged with multiple layers of debt, obsolete inventory, messy records, and no systems, the business lacked timely information and was constantly at risk on cash and compliance.​

• Debt from multiple sources created chronic cash flow issues and constant pressure on day‑to‑day payments.​

• Obsolete inventory, outdated systems, and everything done on paper, including receiving cheques and storing stacks of unlinked receipts.​

• No payroll system, no cloud‑based accounting, and records produced months after period‑end, making informed decisions nearly impossible.​

• Significant CRA and compliance risk, with non‑compliance, shareholder loan issues, and unnecessary tax burdens from poor planning.​

• The owner was extremely stressed, worried about taxes, cash flow, debt, and the spillover into personal finances, feeling like there was a huge hole to dig out of with no clear starting point.​

Our Approach
The first priority was stabilizing the company: understanding the true financial position, cleaning up historical records, and putting in place basic systems for cash, inventory, and compliance. From there, the engagement evolved into a deeply embedded fractional CFO role, integrating finance with operations, and building a structure that could handle growth, multiple locations, and more sophisticated customers.​

The team provided not just reporting, but daily partnership—monitoring cash, a joining the operational rhythm through regular shop visits, and using a deep understanding of the industry and tools to inform investment, and supplier decisions. Over time, finance became a strategic driver of expansion rather than a source of stress.​

• Implemented cloud‑based accounting, moving the business off paper and into a real‑time, accessible system.​

• Introduced electronic payment flows (CAD and USD EFT), eliminating dependence on cheques and improving collections and cash predictability.​

• Set up a proper payroll system and structured employee expense management using Float credit cards.​

• Cleaned up historical AP/AR, performed vendor and customer reconciliations, and brought books and tax filings into compliance.​

• Designed and managed cash flow forecasting, cash balance monitoring, and working capital cycles, including decisions around who to pay and when.​

• Led margin work, including location‑level reporting to understand performance across sites.​

• Negotiated with banks and lenders and prepared business plans and financing proposals, including successfully securing CERS, CEBA, and CEWS support during COVID‑19.​

• Onboarded the company to CARM and fully managed that environment for import/export compliance.​

• Provided daily access and support, including managing the AP/AR inbox, regular shop visits, and hands‑on assistance with operational decisions about equipment and tooling.​

The Results
From an over‑leveraged, paper‑based operation on the brink to a multi‑location oilfield services business with mid‑to‑high seven‑figure revenue, no private debt, and a finance function that actively supports growth and personal financial stability.​

• Revenue grew from low six figures to mid‑to‑high seven‑figure gross revenue, supported by better pricing, stronger operations, and the ability to take on larger work.​

• The company moved from severely over‑leveraged with multiple debt sources to operating without private debt and with bank‑ready reporting.​

• Implemented meaningful restructuring that opened significant opportunities, including expansion into new markets and additional locations.​

• Shareholder loan issues were brought onside, with consistent tax planning and structured compensation that improved both corporate and personal outcomes.​

• Compliance risk and tax surprises were greatly reduced through timely filings, methodical planning, and better integration of corporate and personal tax strategy.​

• Inventory, working capital, and cash cycles were actively managed, improving the company’s ability to meet obligations and invest in equipment and growth.​

• The owner’s positioned improved significantly, with clearer separation of business and personal and a transparent view of overall financial health.​

• Expanded facilities, upgraded systems, and a full outsourced finance team now support ongoing growth and a credible exit strategy.​

Client Voice
“Before we started working together, I was constantly stressed and worried about what was going on. I didn’t have all the information, and by the time I got anything, so much time had passed that I had no idea where I stood financially or how to dig out of the hole.”

“These girls at CV CPA Professional Corporation have changed my life. The improvements they’ve driven in this business have opened doors to new mentors and partners in the industry, and now I have a team of people pushing and guiding me toward the success I always wanted.”

Why It Matters for Alberta Businesses
Many Alberta oilfield and industrial businesses start as hands‑on operations that grow faster than their financial infrastructure, leaving owners over‑leveraged, under‑informed, and constantly stressed about cash, debt, and CRA. A strategic fractional CFO partner—deeply embedded in the industry and the day‑to‑day—can transform messy, paper‑heavy, reactive finance into a cloud‑based, forward‑looking system that supports expansion, financing, and eventual exit, while dramatically improving both corporate and personal financial outcomes for the owner.