Traditional CPA Quality of Earnings reports can cost $20,000–$100,000, with timelines that vary by scope. Anyone can use Shepi Self-Service to structure analytical workpapers starting at $1,000; Done-For-You adds licensed CPA review of adjustments, not attestation.
$25K–$50K
Typical lower middle market QoE
Varies
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
Depends on data and review
User-directed, no Shepi CPA review
Shepi Done-For-You
$5,000
Scope and review vary
Includes licensed CPA review
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. Anyone can use Shepi Self-Service, which has no Shepi CPA review; lender-facing deals may require independent CPA involvement.
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 |
| Shepi Self-Service software | $1,000 per project | Varies with data and review |
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 organizes account mapping, reviews imported GL records for anomalies, surfaces EBITDA adjustment candidates, and prepares working capital and cash schedules when the necessary data is available. You still evaluate the findings and supporting evidence before using the workpapers.
Imported GL review
Review flags across the ledger records supplied for the project
Human decisions
Evaluate adjustment candidates and record what the evidence supports
$1,000 per project
Flat pricing — no hourly billing, no surprise invoices, no rush premiums
Traceable output
Structured workpapers, EBITDA bridges, and Excel exports linked to the underlying project data
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 |
| Workflow | Scope and review vary | Organized source data and reviewable workpapers |
| GL review | Scope varies | Flags across imported records |
| Rush premium | 25–50% surcharge | None |
| Revisions | Billed hourly | Included |
| Recipient acceptance | Depends on engagement scope | Self-Service varies; some recipients require CPA involvement |
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 may require a QoE for underwriting. Acceptance varies by lender and engagement; Self-Service output should not be represented as equivalent to a CPA-firm report.
Want to see what the software path includes? Explore the sample project to inspect evidence, make a practice review decision, and view the PDF and Excel previews. Self-Service does not include Shepi CPA review.