Information as of October 8, 2026
Two Quality of Earnings (QoE) quotes can differ by thousands of dollars and still both be called a QoE. The difference usually sits in the scope: which tests the report runs, how the price is set and how long the work takes. Most providers publish only part of that picture, which makes side-by-side comparison hard for a first-time buyer.
This piece lines up six providers that serve small business and SBA-financed buyers, using only what each firm published on its own website on October 8, 2026. It does not grade them. It shows what each firm says it delivers, so a buyer knows what to ask.
The four tests most lenders look for
Lenders financing an acquisition usually want a QoE that does four things:
- Proof of cash. Ties deposits on the bank statements to reported revenue.
- Tax return reconciliation. Ties book income to the filed tax returns and explains each difference.
- Add-back support. Traces each owner add-back to a document.
- Working capital. Sets a normal level of working capital for the purchase agreement.
Six providers, side by side
| Provider | Published price | Proof of cash | Tax return reconciliation | Add-backs / EBITDA | Working capital | Turnaround (as stated) | Team (as stated) |
| Tonnesen Accounting Services | $7,500 flat for SBA-sized deals | Stated | Stated | Stated | Stated | 2 to 4 weeks from documents | Founded by a CPA, MBA; in-house U.S. team; 600+ engagements |
| Midwest CPA | $12,000 to $23,000+ per deal | Listed | Not stated | Listed | Listed | 3 to 6 weeks | Virtual CPA firm, founded 2022 |
| Guardian Due Diligence | $20K / $25K / $40K tiers (purchase prices under $2M) | Not stated | Not stated | Stated | Stated | Not stated | Founder holds a Harvard MBA; former PE investor |
| Appletree Business Services | Not published | Not stated | Not stated | Stated | Stated | Not stated | Team of CPAs; 100+ QoE and diligence engagements |
| Rapid Diligence | Starting at $16.5K | Stated | Stated (tax returns and IRS transcripts) | Stated | Stated | 3 to 4 weeks from engagement | U.S.-based M&A CPAs |
| Treewalk | Not published | Stated | Not stated | Not stated | Stated | Not stated | Team of CPAs; Vancouver, Canada |
“Stated” means the firm’s QoE page names the item. “Listed” means the firm names it among its due diligence services without saying every QoE includes it. “Not stated” means the pages reviewed do not mention it, not that the firm does not do it.
What the comparison shows
Price disclosure varies. Four of the six publish a price. Tonnesen Accounting Services lists $7,500 flat for SBA-sized deals. Midwest CPA lists $12,000 to $23,000+ per deal, scaled to deal size. Guardian Due Diligence lists $20K, $25K and $40K tiers for purchase prices under $2 million and says larger deals cost slightly more. Rapid Diligence lists its QoE starting at $16.5K. Appletree and Treewalk quote per engagement.
Published scope varies more. Tonnesen Accounting Services and Rapid Diligence name all four lender tests on their QoE pages. Midwest CPA lists proof of cash, non-recurring revenue and expenses, and net working capital among its due diligence services. Guardian and Appletree name add-backs and working capital. Treewalk names a cash flow proof and a working capital peg.
Timelines are not always published. Three of the six state a turnaround: two to four weeks from documents at Tonnesen Accounting Services, three to four weeks from engagement at Rapid Diligence, and three to six weeks at Midwest CPA.
Experience claims differ in kind. Tonnesen Accounting Services states 600+ QoE engagements and about 40 a month. Appletree states 100+ QoE and due diligence engagements. The others describe their teams rather than their volume.
Provider notes
Tonnesen Accounting Services. A QoE firm serving buyers, searchers, independent sponsors and SBA lenders nationwide. Offers lender-engaged reports under SOP 50 10 8.1 and a downloadable sample report. 5.0 on 85 Google reviews.
Midwest CPA. A virtual CPA firm in Janesville, Wisconsin, focused on acquisition entrepreneurs. It also sells monthly accounting and tax packages. 5.0 on 79 Google reviews.
Guardian Due Diligence. Sells QoE reports to self-funded searchers. Its top tier, Advised QoE, adds advisory hours to the report. 5.0 on 6 Google reviews.
Appletree Business Services. A New Hampshire accounting and payroll firm whose QoE work focuses on purchase prices of roughly $1 million to $15 million, including SBA buyers and search funds. Its report includes an EBITDA bridge and working capital and hidden liability analysis. 4.9 on 71 Google reviews.
Rapid Diligence. Sells a full QoE starting at $16.5K, done by U.S.-based M&A CPAs. It also offers an SBA 7(a) QoE built around SOP 50 10 8.1, which includes a cash proof and tests tax returns and IRS transcripts; that version typically takes about three weeks from kickoff.
Treewalk. A Vancouver firm whose transaction services include QoE reports, data rooms, a working capital peg and a cash flow proof. Offers a sample report on request. 5.0 on 2 Google reviews.
Questions to bring to any provider
- Does the report include a proof of cash and a tax return reconciliation?
- Is the fee fixed, or can it change once work starts?
- Who prepares the work, and who reviews it before it is issued?
- When does the timeline start: at engagement, or once all documents are in?
- Will my SBA lender accept this report, or does the lender need to engage you directly?
Frequently asked questions
Why do QoE prices vary so much? Mostly scope and deal size. A report with a proof of cash and tax reconciliation takes more work than an add-back review, and some firms price by purchase price.
Why don’t more firms publish prices? Some quote each deal after seeing the books. A published flat fee tells a buyer the cost up front; a quote can reflect the specific deal. Either way, ask for the fee in writing before work starts.
How long does a QoE take? Where providers state a timeline, it runs from two to six weeks. Most start the clock when they have every document they asked for.
Prices, scope, turnaround and team details are as published on each provider’s website, and ratings as shown on Google, on October 8, 2026. Details change; check each firm’s current website before you engage.