Accounts Receivable Management" Please respond to the following:

Examine the five (5) steps to managing accounts receivable. Speculate on the step that is most vulnerable to fraud. Suggest at least two (2) actions that a company can take in order to protect this step from fraud.

According to the text, below are the five steps to managing accounts receivable:

1. Determine to whom to extend credit.

2. Establish a payment period.

3. Monitor collections.

4. Evaluate the liquidity of receivables.

5. Accelerate cash receipts from receivables when necessary.