Stephen Bartoletti

Small and Medium Enterprises (SMEs) are at the heart of economic development and job creation.

Small and Medium Enterprises are also at the heart of
commercial bank lending and leasing.

This is the professional website of Stephen M. Bartoletti
Senior Banking Advisor and specialist in SME lending.  

The primary purpose of this website is to announce the new framework for visualizing cash flow in SMEs. Cash Cycle theory led to the startling discovery that there is a flaw in the balance sheet—a missing account!

The flaw and proposed solutions were first announced in the April 2012 issue of the Journal of Accountancy:  The Missing Piece in Liquidity Calculations -- why calculating the "current portion of fixed assets" would provide a more accurate picture of financial health

All bankers, CPAs, professors--anyone dealing with financial analysis--should read this article! (Click on the tab or title above.)  The article illustrates how the traditional formulas for Current Ratio and Working Capital routinely understate liquidity. (spoiler alert! negative working capital is usually not negative!) The article proceeds to illustrate how CPFAthe current portion of fixed assets—corrects the flaw, thereby providing for the first time, truly useful measures of liquidity.

The Book: The discovery of CPFA is only one of several revelations that emerge from the new Cash cycle theory.  The book provides the complete framework, practical applications, and the benefits of cash cycle theory. Click the title below to learn how cash cycle theory leads to both Better Credit & Better Sales.   

 Cash Flow 3.0—Advances in Cash Flow Lending based on Sustainable Cycles 

Now Available on

The author is available to conduct brief speaker presentations (gratis) for business associations and university courses, or multi-day seminars for the complete cash flow cycle theory. Click the "seminar" tab above to see a sample outline. 

The seminar--Cash Flow 3.0--was launched in 2014 at Mega Bank, in Jakarta. Pictured at right is the instructor with host Edison Mawikere and co-instructor Detamore Pussung.  Click the "Blog/news" tab above for more details.  

© Bartoletti  August 2013