Top 10 Firms for Quality of Earnings Analysis in the USA

The quality of earnings (QoE) analysis is no longer an option in today’s busy business world—it is considered a requirement in the due diligence of businesses. Regardless of mergers and acquisitions (M&A), fundraising rounds, or going public, stakeholders require an answer to whether the earnings of a company are genuine, periodical, and auditable.

That is where the quality of earnings analysis enters the scene. It tests the authenticity of financial reports, the ratio of future performance, and also the financial behavior of the company.

And when you are targeting forecasts or investor decks, it is sometimes recommended to hire business plan writer too who can make your growth strategy go hand in hand with the financial insights that are manifested during QoE.

Just What Is a Quality of Earnings Report (QoE)?

A QoE report does not only stick to the surface. This is not really about ensuring that things are right with the numbers; it is more about finding out what makes the numbers move. Where an audit ensures that you are within the accounting standard, a QoE report will ensure whether it is sustainable, reliable, and has integrity in its operations.

Basic Goals of a QoE Analysis:

• Reclassify financials in order to get rid of one-time or non-operating items
• Measure concentration of customers and recurring revenues
• Learn more about the working capital needs of the business
• Find unaccounted obligations or outstanding Jurisdictional problems
• Negotiate and value using apps during M&A
  

Common Reasons for Commissioning a QoE Report

There are many situations where a QoE report becomes vital:

• Before acquiring or selling a business, to avoid surprises and ensure a fair deal.
• Before bringing in investors, offer them transparency and confidence in your numbers.
• During IPO planning or SPAC mergers, to strengthen your case for public listing and justify valuation.
• When business performance suddenly changes, determine whether changes are due to temporary shifts or structural issues.

Top 10 Firms for Quality of Earnings Analysis in the USA

Let’s now look at the most trusted QoE firms in the United States. These companies are known for delivering accuracy, insight, and value for their clients.

1. OGS Capital: The Reliable Advisors in Business Planning and Strategy

OGS Capital is an internationally known consulting firm in business, which has assisted its more than 5,000 clients to raise funding to the tune of over $2.5 billion since 2006. With a reputation for being a designer of tailor-made and investor-ready business plans, they support entrepreneurs, new businesses, and incumbent enterprises in more than 50 countries. Having a team of ex-consultants at Deloitte, Bain, and BCG, OGS Capital is highly skilled and experienced in going into almost any project with severe industry insight and strategy.

Major services that are provided by OGS Capital:

• Investor-grade business plans (financing and SBA loans, immigration)
• Pitch Decks & Executive Summaries
• Feasibility Studies And Market Research
• Quality of Earnings (QoE) Reports
• Fractional CFO services and Startup Valuations
• ICO/Blockchain Documentation (whitepapers, tokenomics)

The reason why clients select OGS Capital:

• No tos or AI content
• Sector-specific research and financial modeling
• Short response time (8-25 business days)
• Reliable to customers of L1, E2, and EB5 visas
• Global-level strategies

Although most clients are satisfied with the professionalism and accuracy in OGS Capital, some reviews made some time ago contain complaints regarding the refund policy and the disclosure of the location of the company. Nevertheless, they continue to maintain a well-known image, particularly among the shareholders and those that apply for visas, as they want professional planning.

2. Alvarez and Marsal

Headquarters: New York, NY

Alvarez & Marsal is a household name across countries as the firm transforms distressed companies and resuscitates inefficient firms. They are also renowned for carrying out in-depth QoE analysis through their Transaction Advisory Group (TAG), particularly in high-stakes transactions.

 Their team adopts the approach that resembles forensic-style inquiry and beats the operational efficiency and unviable profits, which can hitherto affect valuation.

Possibly they apply especially to the private equity firms as they look further than just the numbers as they investigate the businesses models, management approaches, and integration after the deal. 

Their subject-matter professionals assist the clients to solve the unknown risks, generate revenue synergies, and normalize EBITDA to overcome the real financial positions.

Why Choose Them?

• Expertise in distressed assets and special situations
• In-depth sector experience in healthcare, retail, and energy
• Hands-on management and collaborative approach
  

3. Grant Thornton LLP

Headquarters: Chicago, IL

Grant Thornton delivers global expertise with a strong local presence, making them ideal for middle-market and international companies. Their QoE reports are renowned for their clarity, depth, and executive-friendly presentation. The firm offers both buy-side and sell-side support and is often engaged early in the M&A process.

One of their key strengths is integrating tax structuring and IT diligence alongside QoE. This holistic approach saves time and provides acquirers with a comprehensive view of the target’s risk exposure. They’re particularly adept at advising clients in manufacturing, retail, and service industries.

Their Edge:

• Buy-side and sell-side services
• Post-deal integration support
• Strong capabilities in cross-border transactions
  

4. RSM US LLP

Headquarters: Chicago, IL

The fame of the RSM as middle-market champion is quite justified. Their Transaction Advisory Services group assists PE firms, family businesses, and startup companies in getting ready to obtain investment and acquisition. They are always timely and accurate in their QoE reports, sometimes provided in visual dashboards to facilitate their understanding.

In addition to classical analysis, RSM involves red flag summaries, operational KPIs, and customer churn analysis, enabling the customers to know how revenue streams will respond after the acquisition process takes place. Their capable service model offers their clients to have a full-scale QoE or modular reviews according to the significance of the deals.

Best For:

• Companies that operate in the real estate, logistics, and e-commerce industry
• Reports and dashboard data visualization
• Practical work among the stakeholders

5. Riveron

Headquarters: Dallas, TX

Riveron excels in transactions where strategy, operations, and finance intersect. Their QoE process includes a deep dive into customer profitability, pricing dynamics, deferred revenue, and cost of delivery. They are particularly skilled in helping high-growth companies that may not yet have a clean financial history.

Their sector-specific specialists often work directly with founders and CFOs to normalize irregular revenue, isolate non-operating income, and bridge forecasted performance. Riveron’s work is praised for its practicality, equipping management with more than just a report—but with a plan.

Standout Features:

• Excellent for private equity firms
• Custom report formats
• Working capital optimization

6. BDO USA LLP

Headquarters: Chicago, IL

BDO is the most reliable name in the financial due diligence and advisory sector. They have developed a wide network that can scale at the scale of big deals or can pool resources for a boutique and founder-led operation. Their QoE report is customized to meet the needs of either the private or the public company.

One area where clients value BDO is by their ability to be detailed, especially in carve-out transactions that are complicated or multi-entity acquisitions. They also include cyber and IT due diligence in their process, and that is increasingly becoming an important element of business in the modern digital-first world.

The reason they can be trusted:

• Good market in 160+ countries
• Industry-aligned teams (healthcare, fintech, etc.)
• Other ESG and sustainability due diligence alternatives

7. FORVIS

Headquarters: Charlotte, NC.

FORVIS is a combination of BKD and DHG that has become a strong company with an extensive line of work in audit and advisory.

 Their QoE teams are devoted to servicing the lower-mid market as well as privately owned organizations with the use of private equity. Particularly, their areas of interest are in sectors and industries such as, but not limited to, healthcare, real estate, and logistics.

Clients adore them the most because of their openness. They present initial results, remain in touch over a long period, and raise issues way before the final report is released. There is also the post-transaction service whereby FORVIS provides integration planning and forecasting.

Highlights:

• Quick turnaround options
• Interim finance support during deals
• Detailed margin bridge and customer cohort reviews
  

8. FTI Consulting

FTI has gained the reputation of engaging in high-stakes forensic reports and litigation support, and so their QoE reports may be ideal in such an activity like acquisitions where there may be an issue of fraud detection, financial restructuring, and so on. They have experts in analytics, legal and tax practice, and cannot be beat in their teams.

They also concentrate in the industries that have regulatory risk, such as healthcare, telecom, and energy. Their methodology is exploratory and fact-based as they enable the buyer and seller to review all assumptions used to drive value.

Best Fit For:

• State-controlled industries
• Complicated cross-border transactions
• Earnings analysis sanctioned by the law
  

9. Deloitte Private/Deloitte Transaction Services

Headquarters: New York, NY

QoE services offered by Deloitte are quite comprehensive as well as strategic. They use superior data analytics and AI to identify trends in the revenue flow, cost dynamics, and the risk to customers that would otherwise remain unidentified. Their reports frequently contain the scenario planning and the report on the change in EBITDA and integration suggestions.

An outstanding feature of Deloitte is that the metrics and sustainability analysis on the ESG matter be included. The capacity of Deloitte to match the QoE with the principles of ethical investing makes the difference to the investors who are more focused on the long-term creation of value.

Advanced Features:

• AI-generated benchmarks
• ESG impact layers
• Analysis of multi-currency transactions

10. Plante Moran

Headquarters: Southfield, MI

Plante Moran is a trusted partner for closely held businesses and private equity sponsors alike. Their QoE process combines financial integrity with strategic foresight. Their teams often conduct site visits, customer interviews, and operational walkthroughs to contextualize numbers in real-world processes.

They are known for humanizing the analysis—highlighting the “why” behind revenue declines, unexpected expense spikes, or client turnover. Their boutique approach allows for greater customization, especially for SaaS, manufacturing, and construction industries.

Why Clients Love Them:

• High customization
• Industry-focused reporting
• Clear visual summaries and action plans

Top Mistakes a QoE Report Can Uncover

A quality of earnings analysis isn’t just a checklist; it’s a discovery process. Here are common red flags that a good QoE report can expose:

• Understated COGS: Inflates profit margins
• Deferred Revenue Not Recognized Properly
• One-time Sales Boost Misrepresented as Recurring
• High Customer Churn Hidden Behind Growth
• Working Capital Gaps
• Non-operating Income Booked as Core Revenue
  

Identifying these errors early saves acquirers from overpaying—or worse, acquiring a business with unsustainable income.

How Long Does a Quality of Earnings Analysis Take?

The actual time period to get a quality of earnings (QoE) report done may depend on the scale and complexity of the business under examination. A typical QoE project lasts between two and four weeks from start-up to delivery. The elements that will affect the turnaround time are:

• Complexity and Size of the Company—The complexities and size of the company affect the size of the simulated company. They do influence the size of the simulated company.

• A SaaS startup that has a single entity will not take as long as a multi-subsidiary manufacturer with international operations as such.

• Financial Data Readiness—Firms with properly reconciled financial records and tidy books are able to fast-track the work. Conversely, when records are outdated, not categorized well, or have to be restated, the timeline may be extended.

• Depth of Analysis Required— Some buyers or investors may request limited-scope reviews focused on revenue and margins. Others might want full-scale QoE, working capital assessment, and tax and IT diligence rolled in.

• Client Responsiveness—Quick replies from management and finance teams can shave days off the process.
  

On average, you should plan for 3 weeks as a safe estimate. If you’re on a tighter deadline—for example, during competitive bidding or investor scrutiny—some firms offer expedited services (usually at a premium cost).

Benefits of Conducting a Quality of Earnings Review

Investors and acquirers benefit immensely from having a clear view of a business’s financial health before a transaction. Here’s what you gain:

• Clarity on recurring vs. non-recurring income
• Risk identification tied to suppliers or key clients
• Faster deal closure due to trust and transparency
• Better negotiation leverage with data-backed findings

Key Differences Between a QoE Report and a Financial Audit

Feature	Financial Audit	Quality of Earnings Report
Objective	Compliance	Decision-making support
Target Audience	Regulators, internal teams	Investors, buyers, acquirers
Scope	Historic review (GAAP focus)	Operational and forward-looking
Adjustments	None or minimal	Normalizations and add-backs
Customization	Low	High

When Should You Start the QoE Process?

Timing is everything. Ideally, a seller or buyer should begin the QoE analysis as soon as negotiations start. Early insights from a QoE report can:

• Fix valuation issue
• Reveal internal weaknesses to address pre-deal
• Prevent legal and financial complications down the road
  

Conclusion 

A good quality of earnings analysis narrates more than what a balance sheet can tell. A QoE report lets you be credible, insightful, and confident whether raising capital, selling a company, or purchasing one in the high-stakes world of the present day.

The above ten companies may be said to be leaders in the provision of these insights. It is important that before your next transaction, your story is supported with numbers—and when necessary, combine this effort with a competent business plan writer who will quantify these numbers.