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.

The primary purpose of this website is to announce a new simple framework for visualizing the cash flow of SMEs in terms of naturally recurring, sustainable cycles.  

Cash Cycle Theory 
led to the startling discovery that there is a flaw in the balance sheet—a missing account!
The flaw and proposed solution has been published in both America's leading journals for accounting and banking.  

The RMA Journal  (December 2015) --pictured at right

Journal of Accountancy
(April 2012)

These articles illustrates how the traditional formulas for the Current Ratio and Working Capital routinely understate liquidity. (Negative working capital is not negative!) The articles proceeds to illustrate how CPFA—the current portion of fixed assets—corrects the flaw, providing for the first time truly meaningful measures of liquidity.  All bankers, CPAs, professors--anyone dealing with financial analysis--should read this article! (The JofA article is available on the tab or title above--free. The RMA article will be posted here in January 2016) 

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 

Available on

Presentations/Seminars: The author is available to conduct brief speaker presentations (gratis) for business associations and university courses, or multi-day seminars covering 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 MegaBank, in Jakarta. Thanks to my host Edison Mawikere and co-instructor Detamore Pussung.   

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

© Bartoletti  August 2013, 2015