Region: Dallas
Industry: Professional Services
Service Line(s): Accounting Services
Provided critical accounting management in the transition to a centralized property plant and equipment department.
“The AC Lordi consultants bring real value to Key Energy with their knowledge and understanding of our systems, equipment and managers. They are providing ongoing support to our fixed asset expenditure and refurbishment process, ensuring a timely close each month. Thanks to AC Lordi, we’re able to meet our goals even with increased demands on our accounting department.”
Rick Stamps, PP&E Accounting Manager
Company Background:
Headquartered in Houston, Texas, Key Energy Services offers their clients a comprehensive and advanced array of onshore energy production services, including work-over services, fluid and logistics services, fishing and rental services, pressure pumping, electric wire-line, and drilling.
Business Challenge:
Key Energy transitioned their fixed asset accounting from division controllers in the field to a centralized department at their shared service center. They needed assistance filling key positions until permanent placements were found and the workload on the new department stabilized.
AC Lordi Consulting Solution:
AC Lordi initially provided Key with Accounting Managers to help the company oversee its fixed asset accounting while the new department was established. We continue to help Key with other projects, including completing a valuation project for their property tax renditions in ten states covering over 40,000 assets.
Value Delivered:
AC Lordi allowed Key’s management to bring additional control and efficiency to their fixed asset accounting by helping establish a new centralized department. Through the use of our flexible resources, extensive knowledge of the company and the energy services industry, we were able to help the company meet their goals of revenue growth with stronger internal controls.