An assisted living facility that generates approximately $14 million in annual revenue, specializing in senior living, hospice care, and a wide range of therapeutic services. After nearly 50 years of operation, it continues to serve Houston’s senior community. The steering committee overseeing the facility’s financial operations engaged WG Consulting to assist with reconciling financial documentation from the past two years.
Basic accounting procedures had been deficient for at least three years, resulting in confusion for the financial advisory board and creating a range of additional issues. As a nonprofit, the client cannot secure external funding without undergoing an external audit. At the time WG Consulting began its engagement, there were deficiencies in the existing accounting team, along with a general lack of understanding of current accounting practices. Following the recent departure of two CFOs, WG Consulting was tasked with correcting past errors and delivering accurate financial records for the previous two fiscal years.
Key challenges included:
Board members lacked a clear understanding of governance and frequently overstepped into day-to-day operations
The accounting team did not adhere to standard, accuracy-based practices and instead followed a customized system directed by the CEO
The CFO’s authority was circumvented, resulting in the accounting team reporting directly to the CEO
Staff overtime increased due to inadequate staffing levels and poor monitoring
Financial reporting processes were insufficient, with a notable absence of financial planning and analysis (FP&A) personnel
Conducting regular meetings with the accounting team to strengthen internal accounting procedures
Reviewing accounting reports from the past 24 months to identify discrepancies and recurring errors
Providing the board with a weekly dashboard showcasing real-time updates, improvements, and progress
Producing audit-ready financial statements for the previous two fiscal years
Delivering recommendations for restructuring the accounting team, including required roles and potential replacements
Defining clear expectations and standards for future financial reporting
In less than six months, the organization achieved the following:
Executed a comprehensive financial cleanup addressing over two years of improper accounting practices
Established a new leadership structure consisting of three qualified accountants, supported by a CFO, to ensure ongoing adherence to accurate accounting protocols
Removed disruptive personnel to restore organizational alignment and strengthen team dynamics
Produced audit-ready financial reports and delivered strategic recommendations ahead of the 2025 audit
WG Consulting doesn’t just fix systems, we build future-ready finance functions. Whether your business is preparing for growth, funding, or transformation, we help you get there with clarity, confidence, and speed.
