Accounts Receivable Management Strategy

Congratulations! You have been appointed as the financial analyst for a medium-sized manufacturing firm. One of your key responsibilities is to analyze the company’s accounts receivable (AR) management.

Accounts receivable is a crucial component of working capital, as it represents money owed to the company by its customers. Efficient management of accounts receivable is essential to ensure liquidity and operational efficiency. The firm's management is currently considering various approaches to improve its accounts receivable collection period.

Given this background, which of the following would be the most direct method to shorten the accounts receivable collection period?