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. 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, CFO, Finance systems lead, Procurement lead
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Agree the weights before any demo. Set criteria and weights with the stakeholders first and lock them. Weights that change after demos usually change to fit a favourite.
Score independently, then compare. Each evaluator scores alone using the definitions, then the group discusses any criterion where scores differ by two points or more.
Run your own demo script. Send the demo checklist to vendors a week ahead with your sample data. Score only what was shown live, not what was promised.
Build TCO for three years. Include renewal uplifts, implementation, connectors, and internal staff time. Compare cost against weighted score only for vendors that meet every must-have.
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Enter weights as whole numbers that total 100 and scores from 1 to 5. The CSV totals row calculates each vendor's weighted score out of 5 (SUMPRODUCT of weight and score, divided by 100). Example results: A 3.95, B 4.10, C 3.75.
| Criterion | Weight % | Vendor A (1-5) | Vendor B (1-5) | Vendor C (1-5) | Evidence / notes |
|---|---|---|---|---|---|
| Core functional fit to must-haves | 25 | 4 | 5 | 3 | C lacks multi-entity approvals |
| ERP / GL integration | 15 | 5 | 3 | 4 | B sync is nightly batch only |
More free templates finance teams use alongside this one.
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.
An ERP decision is really two decisions: the software and the implementation partner. Most ERP RFPs spend nine pages on features every vendor ticks and one line on implementation, which is where projects actually go over budget. This template gives equal weight to both and ends with scripted demo scenarios built on your own transactions.
The date that matters in a SaaS contract is not the renewal date. It is the notice deadline, often 30 to 90 days earlier, after which an auto-renewing contract rolls over at whatever price the vendor sets. This tracker calculates that deadline for every contract and pairs it with seat utilisation, so the renewal conversation starts with data and time to act.
List eight to twelve criteria, assign weights that total 100, and write a 1-5 scoring definition. Each evaluator scores independently after scripted demos, and the weighted score is the sum of weight times score divided by 100. Price is compared separately as three-year TCO.
Many finance teams keep it out. Including it lets a cheaper product with a real gap outscore a better fit. A cleaner approach is to gate on must-haves, rank the remaining vendors on weighted fit, and compare total cost of ownership alongside.
Subscription for each year including contracted renewal uplifts, implementation and partner fees, integration or connector fees, training, and internal staff time for the project and ongoing administration. Three years is a common horizon because it captures at least one renewal.
