ApprovedAP was built because the AP controls that large enterprises take for granted — vendor change monitoring, segregation of duties enforcement, W-9 tracking, tamper-evident audit trails — were simply out of reach for small and mid-market businesses.
We built the software we wished existed: a compliance layer that sits on top of the AP and accounting tools your team already uses, adds the controls that help prevent fraud and satisfy auditors, and requires no IT project to deploy.
Every year, U.S. businesses lose billions of dollars to accounts payable fraud — most of it preventable. The ACFE reports that the median AP fraud case goes undetected for 12 months before discovery, with a median loss of over $100,000.
Our mission is to make enterprise-grade AP controls accessible to every business, not just the ones with dedicated compliance teams and six-figure software budgets.
The FBI IC3 reported over $2.9 billion in business email compromise (BEC) losses in 2023 — the majority targeting accounts payable teams. The attack is simple: a fraudster impersonates a vendor, convinces an AP employee to update the vendor's bank account, and waits for the next payment run.
The defense is equally simple: require a documented sign-off before any bank account change is acted upon. But most small and mid-market AP teams have no system to enforce this. That's the gap ApprovedAP fills.