How Much Does a Quality of Earnings Report Cost?
Traditional CPA Quality of Earnings reports cost $20,000–$100,000 and take 4–8 weeks. Shepi delivers the same lender-ready analysis starting at $1,000 — in hours, not weeks.
$25K–$50K
Typical lower middle market QoE
4–8 wks
Traditional engagement timeline
$1,000
Shepi per-project pricing
Quality of Earnings Cost Calculator
Estimate what a QoE will cost on your deal. Traditional ranges reflect published market rates; Shepi figures are our live pricing.
Traditional CPA firm
$25k – $43k
3–6 weeks
Hourly billing, 100–300 analyst hours
Shepi Self-Service
$1,000
Hours to 2 days
Seller-prepared, no CPA review
Shepi Done-For-You
$5,000
3–7 days
Includes CPA review of adjustments
A $4M deal, 1 entity, 3 years of financials: $25k–$43k from a traditional CPA firm vs $1,000 with Shepi Self-Service ($5,000 with CPA review).
What drives the number: deal size sets the baseline hours, each additional entity adds a separate close and intercompany review, each extra year adds another full analysis cycle, and cash-basis books add conversion work before analysis can start. Estimates only — traditional firms quote per engagement. Shepi Self-Service is seller-prepared and not CPA-reviewed; lender-facing deals generally need Done-For-You.
Typical Quality of Earnings Report Cost
Quality of Earnings reports are the most-Googled cost question in M&A diligence — and for good reason. The traditional pricing model puts QoE out of reach for most lower middle market and search-fund deals. Here's what buyers actually pay in 2026:
| Deal Size / Provider | Typical QoE Cost | Timeline |
|---|---|---|
| Under $5M EV — Regional CPA / boutique | $15,000 – $30,000 | 3–5 weeks |
| $5M – $25M EV — Mid-market CPA firm | $25,000 – $50,000 | 4–6 weeks |
| $25M – $100M EV — National CPA | $50,000 – $100,000 | 6–8 weeks |
| Over $100M EV — Big 4 transaction services | $100,000 – $300,000+ | 6–10 weeks |
| Any size — Shepi (AI-powered) | $1,000 per project | Hours to days |
What Drives Quality of Earnings Cost
Deal size & complexity
Larger revenue, more entities, and multi-location operations all increase analyst hours
Data quality
Messy accounting data, missing reconciliations, and cash-basis books drive cost up
Number of periods
Most QoE engagements analyze 3 trailing years plus TTM — more periods means more work
Industry complexity
Construction WIP, SaaS deferred revenue, and inventory-heavy businesses require specialized work
Timeline pressure
Rush engagements (under 4 weeks) typically carry a 25–50% premium
Scope of analysis
Full QoE with proof of cash, working capital, and customer concentration costs more than EBITDA-only
Why Traditional QoE Costs So Much
A traditional CPA-led QoE engagement is fundamentally a labor model. Senior analysts manually pull trial balances, map charts of accounts, sample 10–20% of GL transactions, build EBITDA bridges in Excel, and write narrative reports. With blended rates of $250–$500/hour and 100–300 hours per engagement, the math gets to $25K–$100K quickly.
On top of analyst time, firms layer partner review, quality control, report production, and Big-4 brand premiums. None of this scales — every QoE starts from a blank workbook.
The AI-Powered Alternative
Shepi automates 80% of the work that drives traditional QoE cost. Account mapping, GL anomaly detection across 100% of transactions, EBITDA adjustment candidates, working capital schedules, and proof of cash are all generated automatically. You apply judgment on the findings — but you're not paying analysts to build templates from scratch.
100% GL coverage
AI scans every transaction — not the 10–20% sample a manual team has time for
Hours, not weeks
First-pass analysis in 2–4 hours; finalized deliverables in days
$1,000 per project
Flat pricing — no hourly billing, no surprise invoices, no rush premiums
Lender-ready output
Structured QoE reports, EBITDA bridges, and Excel exports formatted for lenders and deal parties
Cost Comparison: Traditional vs AI-Powered
| Dimension | Traditional CPA QoE | Shepi AI-Powered QoE |
|---|---|---|
| Base price | $20,000 – $100,000+ | $1,000 |
| Pricing model | Hourly billing | Flat per-project |
| Timeline | 4–8 weeks | Hours to days |
| GL transaction coverage | 10–20% sample | 100% of transactions |
| Rush premium | 25–50% surcharge | None |
| Revisions | Billed hourly | Included |
| Lender acceptance | Yes | Yes — same structure & narrative |
Who Pays for the QoE Report?
On buy-side transactions, the buyer commissions the QoE as part of confirmatory diligence. On sell-side, sellers commission a sell-side QoE before going to market to validate the EBITDA story and accelerate buyer diligence. Lenders financing acquisitions frequently require a QoE for underwriting — and accept Shepi reports the same as traditional CPA work.