Stay Connected:
Empowering Your Business Growth.
- QUALITY OF EARNINGS
Know what a business really earns before you sign.
Reported profit and sustainable profit are rarely the same number. We test the earnings, normalise the add-backs, and surface the risks a seller has not volunteered — so you price, lend or negotiate on what the business actually makes.
Book a confidential scoping call
Tell us about the target or the transaction and we will scope the work and the timeline.
30 minutes · A qualified accountant, not a salesperson · No commitment
Big 4
KPMG & EY TRAINED
ACA & CPA
QUALIFIED ACCOUNTANTS
QBO & Xero
CERTIFIED
US GAAP
& IFRS FLUENT
I NDUSTRIES WE SERVE
- SaaS & Technology
- E-commerce
- Manufacturing & Distribution
- Home Services & Trades
- Professional Services
- WHAT WE SOLVE
Four places reported profit falls apart under examination
For buyers, lenders, and sellers who would rather find the problems before the other side does.
The numbers are unaudited and self-reported
A seller's profit figure is built from their own books, prepared to their own standard, with no independent party ever having tested a single balance in them.
HOW WE FIX IT
Normalised, tested EBITDA
We rebuild earnings from source records — revenue recognition, cut-off, accruals and one-off items — to establish what the business sustainably earns rather than what the P&L asserts.
The add-backs are generous and unsupported
Owner salary, personal expenses, 'one-off' costs that recur every year. Each add-back lifts the multiple, and unchallenged they can inflate a valuation substantially.
Every add-back tested and evidenced
Each adjustment traced to evidence and either accepted, reduced or rejected — with a clear schedule showing what we allowed, what we didn't, and why.
Nobody has calculated the working capital peg
The deal closes, and within a month the buyer discovers the business needs far more working capital to run than was left in it. That gap comes straight out of returns.
Net working capital analysis and peg
A normalised working capital requirement calculated across the cycle, giving you a defensible peg to negotiate rather than a figure the seller proposed.
Revenue quality is taken at face value
Total revenue looks healthy while one customer is forty percent of it, churn is climbing, or last year included a contract that will not repeat.
Revenue and customer quality testing
Concentration, retention, contract durability and recurring versus one-off revenue tested — particularly important for SaaS, e-commerce and agency targets where the mix drives the multiple.
- WHY US FOR THIS WORK
Diligence work belongs with people who have been audited and audited others
Our team spent years in Big 4 audit at KPMG and EY, has prepared financial statements for two listed companies, and has worked across US GAAP and IFRS. We have sat on both sides — preparing statements that auditors tested, and testing statements others prepared. That is precisely the instinct a quality of earnings review requires: knowing where numbers are commonly stretched, because we have seen the stretching from the inside.
SYSTEMS WE WORK IN
- QuickBooks Online
- Xero
- NetSuite
- SAP
- Excel modelling
- Stripe
SYSTEMS WE WORK IN
- QuickBooks Online
- Xero
- NetSuite
- SAP
- Excel modelling
- Stripe
Before you book the call
Shown open here so every answer is visible. On the live site these collapse — visitors click a question to expand it.
No, and it shouldn't be confused with one. An audit gives an opinion on historical statements to a defined standard. A quality of earnings review is transaction-focused analysis of sustainable earnings, working capital and risk — it is not an attest engagement and carries no audit opinion.
Both. Buy-side work tests what you are being told before you commit. Sel-side work finds the problems first so you can fix or explain them, rather than having a buyer discover them and reprice mid-process.
We focus on smal and lower-mid-market deals — owner-managed businesses, e-commerce and SaaS acquisitions, agency ro l-ups and search-fund purchases — where a fu l national-firm engagement is disproportionate to the deal size.
Typica ly two to four weeks depending on the quality of the target's records and how quickly information arrives. We agree scope, timeline and fee before starting, and flag material findings as we go rather than saving them al for the report.
A written report covering normalised EBITDA with a fu l adjustment schedule, net working capital analysis and a proposed peg, revenue and customer quality, and a clear list of the risks and open questions we would want answered before completion.
Buy, lend or sell on numbers that have been tested
- Normalised EBITDA rebuilt from source records
- Every add-back evidenced or rejected
- A defensible working capital peg
- Revenue concentration and churn examined
What Happens Next
No pressure and no sales script - just a qualified accountant looking at where you stand.
- A 30-minute cal at a time that suits you
- We review your current position honestly
- You get a clear scope and a fixed price
- You decide - no obligation either way