Updated January 04, 2026
Comparing Vendor Quotes
When purchasing goods or services, comparing quotes from multiple suppliers is essential for making cost-effective decisions. EquiBillBook helps you organize and compare vendor quotations to select the best option for your business.
Why Compare Vendor Quotes?
Comparing vendor quotes allows you to:
- Find the best prices for your required items
- Evaluate different suppliers and their offerings
- Negotiate better terms with suppliers
- Make informed purchasing decisions
- Ensure you're getting value for money
- Compare not just prices, but also terms, quality, and service
Creating Multiple Purchase Quotations
To compare quotes effectively, create purchase quotations from different suppliers for the same items.
Step 1: Create Initial Quotation
- Navigate to Purchase → Purchase Quotation
- Create a purchase quotation with Supplier A
- Add all the items you need to purchase
- Save the quotation
Step 2: Create Additional Quotations
- Create a new purchase quotation
- Select a different supplier (Supplier B, C, etc.)
- Add the same items with their respective prices
- Use the same reference number or a clear identifier to group related quotations
- Repeat for each supplier you want to compare
Comparing Quotations
Once you have multiple quotations, use these strategies to compare them:
1. Price Comparison
Compare the total costs:
- Item Prices: Compare unit prices for each item
- Subtotals: Compare subtotals before tax
- Tax Amounts: Compare tax calculations
- Grand Totals: Compare final amounts including all charges
2. Terms and Conditions
Evaluate the terms offered:
- Payment Terms: Compare payment terms (Net 30, Net 60, Due on Receipt, etc.)
- Delivery Terms: Compare delivery timeframes and shipping costs
- Warranty/Guarantee: Compare warranty periods and conditions
- Return Policy: Evaluate return and exchange policies
3. Additional Factors
Consider other important factors:
- Supplier Reputation: Consider supplier reliability and track record
- Quality: Evaluate product quality and specifications
- Service: Consider customer service and support
- Shipping: Compare shipping costs and delivery times
- Bulk Discounts: Check if bulk purchase discounts are available
Using Quotation List for Comparison
The purchase quotation list view helps you compare quotations:
Viewing Multiple Quotations
- Navigate to Purchase → Purchase Quotation
- View the list of all quotations
- Use filters to find quotations for the same items
- Sort by date, supplier, or amount to organize comparisons
Opening Quotations for Detailed Comparison
- Open each quotation in a new tab or window
- Compare item-by-item prices
- Review terms and conditions side by side
- Note any significant differences
Comparison Best Practices
Standardize Your Comparison
- Ensure all quotations include the same items and quantities
- Use consistent reference numbers for related quotations
- Request quotations within the same time period for accurate price comparison
- Specify the same requirements to all suppliers
Document Your Comparison
- Create a comparison spreadsheet or document if needed
- Note the key differences between quotations
- Record your decision and the reasons for selecting a particular supplier
- Keep all quotations for future reference
Negotiate When Possible
- Use competing quotes to negotiate better prices
- Ask suppliers to match or beat competitor prices
- Negotiate better terms based on your business relationship
- Consider long-term contracts for better pricing
Making the Decision
When selecting a supplier, consider:
Price vs. Value
- Don't always choose the lowest price
- Consider quality, service, and reliability
- Evaluate the total cost of ownership
- Consider long-term business relationships
Business Factors
- Supplier location and proximity
- Previous experience with the supplier
- Ability to meet your volume requirements
- Flexibility and responsiveness
After Comparison
Once you've selected a supplier:
- Update the selected quotation status to "Accepted"
- Update other quotations as "Declined" or "Not Selected"
- Convert the accepted quotation to a Purchase Order
- Archive or keep all quotations for record-keeping
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