ERP Evaluation Template (Free)

ERP selection is one of the most critical financial technology decisions organizations face. According to Deloitte’s 2024 research, over 90% of CFOs rank ERP evaluation among their top five digital finance priorities with the right selection directly impacting project ROI and operational efficiency.

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The correct ERP system can reduce financial close times by 30% to 50%, however, achieving these results needs systematic vendor evaluation across functionality, total cost of ownership, and implementation risk. A structured evaluation template gives you the framework you need to compare vendors objectively.

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Our free ERP evaluation template standardizes the selection process. The framework ensures comprehensive assessment of reporting capabilities, automation potential, and compliance requirements. 

Get the free ERP evaluation template

What this ERP evaluation template includes

This ERP evaluation template provides a structured assessment across five critical dimensions. The framework mirrors standard finance workflows to support thorough vendor comparison.

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The template includes:

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• Functional requirements tab – Evaluates general ledger, accounts payable, accounts receivable, cash management, and consolidation capabilities
  
• Integration and technical assessment – Scores API availability, single sign-on, and data governance features
  
• Implementation and TCO calculations – Captures total cost elements, including licensing, implementation, and ongoing support
  
• Risk and scale evaluation – Addresses multi-entity support, compliance requirements, foreign exchange handling and more
  
• Weighted scoring framework – Documents selection rationale for audit and board review
  
  

Research from McKinsey suggests that 80% of failed ERP adoptions miss basic functional fit assessments and according to IDC, integration capabilities now rank among the top three selection criteria. Implementation costs also typically represent 40% to 60% of total ERP investment. This is why we include these evaluation areas through weighted scorecards that help reduce selection bias. 

How to use the template (4 steps)

Step 1

Populate vendor information across all evaluation tabs. Multi-tab scoring using Yes, Partial, or No responses creates quantifiable comparisons critical for CFO approval. 

Step 2

Establish evaluation weights for each criteria category. Proper weight setting aligns functional stakeholders and creates transparency in the selection process. Gartner reports that 68% of ERP selections lack documented prioritization, leading to misaligned expectations and project delays. Finance teams should collaborate with operations and IT to determine appropriate emphasis for functionality versus cost considerations.

Step 3

Review the weighted rollups that calculate total scores based on predetermined criteria weights. This approach allows you to adjust emphasis between total cost of ownership and functionality requirements.

Step 4

Finally, generate final vendor comparison reports for executive review. Consolidated vendor scores simplify board presentations and accelerate approval timelines by approximately 30%. The exportable documentation provides audit-ready decision rationale supporting post-implementation reviews and investor due diligence.

Why ERP evaluation fails (and how this template helps)

ERP implementation failure rates remain high across all industries. McKinsey research suggests that 55% to 75% of ERP projects go over budget or miss expectations because teams don’t do enough upfront evaluation. These failures usually come down to predictable gaps that a structured template can help close.

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Feature-focused vendor demos often hide whether the system actually fits finance workflows. ERP Focus lists this misalignment as the top complaint among project sponsors. This happens because vendors highlight what the software can do and not the implementation effort or integration challenges. Our template pushes teams to look past surface-level features and evaluate real workflow fit and reporting needs.

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Underestimating implementation effort drives 40% of budget overruns, according to Thomson Reuters Tax & Accounting research. This happens because organizations often overlook the complexity of data migration, training, and process redesign. Data model and integration breakdowns also account for nearly half of post-go-live issues. The template’s implementation and integration sections focus on these risks with detailed technical criteria.

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Documentation requirements add another layer of risk. When teams don’t keep a clear decision trail, regulatory and investor reviews get harder. Our evaluation template creates a complete evaluation record that supports due diligence and helps teams review outcomes after implementation.

Who this ERP evaluation template is for

This evaluation framework is for CFOs, controllers, and finance teams leading an ERP replacement or first-time rollout. It’s especially useful for organizations moving from QuickBooks or Xero to a scalable ERP that supports multi-entity consolidation and other advanced features. 

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It is also made for private equity portfolio companies and IPO-track firms that need a clear vendor-selection file for investor scrutiny because it creates defensible evaluation records that support governance requirements and audit reviews. It’s also a strong fit for multi-currency or multi-entity SaaS businesses that want an audit-ready close process. Overall, the structured approach supports a full assessment of consolidation, reporting, and compliance capabilities that scaling organizations can’t afford to miss.

Choose the right ERP. Choose DualEntry

DualEntry brings core financial operations – general ledger, consolidation, reporting, compliance, and analytics – into one AI-native platform. This helps finance teams tackle two common pain points: cutting manual reconciliation and spreadsheet-driven workflows, and getting real-time visibility into financial performance. Our AI-powered design supports automated close processes, anomaly detection, and predictive analytics without needing specialized technical skills.

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As organizations grow, finance systems need to keep up with added complexity. DualEntry supports unlimited entities and currencies, with automatic intercompany eliminations. Consolidated reporting updates in real time, without batch-processing delays. Customizable dashboards give teams quick access to key metrics across business units. An extensive API framework connects with existing finance tools, while pre-built integrations can speed up implementation.

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ERP selection still comes down to fit, implementation effort, and long-term scalability. The right system should match your growth plans and your team’s capacity to operate it. This evaluation template gives you a structured way to compare DualEntry with other ERP vendors based on consistent criteria – not just what comes across in a demo.