AP automation vendors look alike in a demo: every one captures invoices, routes approvals, and pays suppliers. The differences show up in capture accuracy on your invoices, how PO matching handles exceptions, how the ERP sync behaves when it fails, and how the vendor actually makes money. This RFP is built to expose those differences. Pair it with our software category guides to see which tools fit your team. Once you have a shortlist, check the vendor profiles and the finance glossary for unfamiliar terms, then use our head-to-head comparisons before your first demo.
Built for: Controller, AP manager, CFO, Finance systems lead
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Fill in your current-state profile. Give vendors monthly invoice volume, PO share, entities, ERP, and payment methods. Quotes built on real volumes are comparable; quotes built on guesses are not.
Mark must-haves sparingly. A must-have is something you would reject a vendor for missing. If everything is a must-have, nothing is, and every vendor will answer yes.
Ask for evidence, not yes or no. Require vendors to state how each requirement is met: native, configuration, partner, or roadmap. Ask for capture accuracy measured on a sample of your own invoices.
Score, then negotiate. Score responses and scripted demos on the weighted sheet, shortlist two, and use the pricing answers to negotiate the model, not just the number.
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Vendor response options: Native / Configuration / Partner / Roadmap / No. Roadmap answers count as No for must-haves.
| ID | Requirement | Priority | Vendor response | How it is met / evidence |
|---|---|---|---|---|
| AP-01 | Capture header and line-level data from PDF, email, and paper invoices | Must | ||
| AP-02 | Report field-level capture accuracy on a sample of our invoices | Must |
More free templates finance teams use alongside this one.
Software selections go wrong when the team scores whichever vendor demoed best last. A weighted scorecard agreed before the first demo, scored against written definitions, keeps the decision tied to what the business needs. Price stays out of the weighted score and is compared separately as three-year total cost, so a cheap tool cannot hide a missing must-have.
Most approval matrices fail in one of two ways: every invoice goes to the CFO, or nobody can say who approves a $40,000 software renewal. This approval matrix separates PO-backed invoices, where approval already happened at the purchase order, from non-PO spend, where the invoice is the only control point. It also names a backup for every approver so invoices do not sit in someone's inbox while they are on leave.
Accounts payable fraud rarely looks like fraud at the time. It looks like a routine email from a known vendor asking to update bank details, or an urgent request from an executive who is travelling. This checklist covers the controls that stop the common schemes: independent verification of bank changes, red flags for business email compromise, duplicate payment checks, bank-side protections, and dual approval on payment release.
Your current-state volumes and systems, a requirements list split by priority, vendor questions on capture, matching, ERP sync, payments, fraud controls, and exit, detailed pricing questions, and a weighted scoring method. Scripted demos using your own invoices should follow the written responses.
Common models are a per-invoice fee, a platform subscription with an included invoice volume, per-payment fees by method, or a mix. Some vendors also earn from virtual card interchange or FX margins. Ask every vendor to price the same annual volumes so quotes are comparable.
Give each finalist the same sample of your own invoices and measure field-level accuracy on vendor, invoice number, date, amounts, and line items. Ask whether results include human verification, since that affects turnaround time and cost.
