Like Lifeofpies we use criteria for shortlisting. HR makes us use a spreadsheet giving each candidate a score of 0, 1, 2 or 3 against each of the shortlisting criteria mentioned in the job spec. For some jobs, we will have over 50 candidates to score against 10+ criteria, so I also prefer people to spell things out clearly.
You don't have to use headings or bullet points, but for the system we use, you do need to be clear how you meet each of the criteria as we can't make assumptions or read between the lines. Someone scoring 3, 3, 3, 3, 1, 0, 0, 0, 0, 0 (13 points) because they haven't addressed all the criteria could not be chosen for interview over someone who scored 2, 2, 2, 2, 2, 2, 2, 2, 1, 1 (18 points) even though the person with 3s might in reality be a stronger candidate. If we really like you, we might try to bring up the 1 to something higher, but there is nothing we can do with the 0s because the information is just not there.