Ep. 154: Michael Burdick - The Future of Finance via the Freelance Economy

Count Me In®

Contact Michael Burdick: https://www.linkedin.com/in/michaeldburdick/

Visit Paro: https://paro.io/

Blog Posts from Paro:

1. https://paro.io/blog/modern-finance-department-functions-roles-approaches-evolving/
2. https://paro.io/blog/democratization-of-professional-talent-transforming-how-we-work/
3. https://paro.io/blog/save-costs-through-freelance-talent/
4. https://paro.io/blog/expert-success-story-cfo-marine-journey/

FULL EPISODE TRANSCRIPT
Adam: (00:05)
Welcome back to Count Me In, IMA's podcast about all things affecting the accounting and finance world. This is your host Adam Larson, and I'm pleased to introduce Paro's CFO and Chief Strategy Officer, Michael Burdick, Michael founded his company with the goal of reimagining the finance and accounting industry via the freelance economy. In this episode, he talks with Mitch about how the future of finance really comes down to the freedom of choice and the ability to quickly solve problems for the business. Keep listening to learn more about on-demand fractional talent and the future of work,
Mitch: (00:45)
The future of work, or more specifically for our listeners, you know, the future of finance. It's talked about a lot when it comes to what the profession needs to know. And I think as we were kind of just discussing it, it's been a popular topic, but obviously much has changed in the last year or so since the future of work really came to light. So I'm curious from your perspective, why is it talked about so much? How do you define the future of finance, the future of work, you know, and what does it really mean to you?
Michael: (01:17)
Sure. Well, first off, thanks for having me. And I'm excited to dig in on this question and related topics in terms of the future of work. I think taking a step back, we need to discuss, you know, the, the changes that COVID had on worker preferences and how we all approach work in general. It was COVID was a giant mass social experiment in remote work. We're all forced to do it. And, and being forced to work remotely, all business professionals for the first time realized how mobile they can be. I think that's an important thing to call out here because prior to COVID, pre pandemic, people wanted to express that choice and have that flexibility and work on their own terms, but didn't necessarily have the platform or the burning platform really for that change specifically to occur. And now what we're seeing is a big shift in how worker preferences are popping up and specifically that people want to work remotely. You can't put that genie back in the bottle, business professionals want to work on their own terms. You know, you see all these big public battles going on at, major tech companies, even PWC announcing that, you know, I don't know something like a hundred thousand of their workers will be permanently remote. And the thing is in the future of work, it's all about that choice and flexibility that people want, and aligning that with what company's demands are. So that's a little bit of context and backstory, but I think this is really a major change, a major period of change, specifically as it relates to how financial institutions, accounting firms, enterprises approach work in general. And I think it's, foundational in a few different regards, specifically, allowing people to exercise that choice in an industry that was previously very hesitant to adopt. you know, we're talking about a pretty risk averse industry in general, so pretty hesitant to adopt futuristic approaches and demands that are being forced on finance departments are multifaceted and what's valued is flexibility and agility, which by the way, the future of work does offer. So I don't know, I think this is just a major period for change. You know, what the context being that COVID accelerated a lot of that change.
Mitch: (03:43)
Yeah, that's exactly it. And I think we did a lot of research on the future of work, and this is going back, like you said, pre pandemic, and a lot of the ideas were quickly put into place, right? So the idea of future of finance, future of work, it's evolving just as fast as, you know, what we're seeing underneath our feet. So, you know, taking this a step further, where else can this really go in your opinion? You know, the future of work is, is now essentially. So what differentiates the current state of finance from what the new future of finance may look like?
Michael: (04:18)
Current state from new future of finance? Well, let's take a step back. I think it's important to define future of work a little bit more and unpack that if it's okay, because that's a, that's a very big, bold statement that can mean multiple different things. Future of work can encompass the technology and tools that are necessary for working remotely. For example, it can also refer specifically to worker automation, right? Machine learning. It can also refer to how people work specifically for Paro and how we're looking at worker preference changes is related to the freelance economy. So I did want to highlight that for us future work and freelance economy, we sort of use those interchangeably because there are additional forces at play here. that dictate what the future of work is going to look like. But specifically for us, we're, we're looking at the freelance economy.
Mitch: (05:18)
I appreciate you sharing that context because it does, you know, there are different interpretations, different definitions and, you know, to speak to the freelance economy, as you said, that's actually the first time I've heard something like that. So I think now getting your perspective on, you know, kind of, like I said, what do you anticipate becoming more prevalent in this freelance economy? I would say, freelance was something that was futuristic almost for the accounting profession, not too long ago. And now you're saying it's, it's pretty much, you know, a part of your company. so what do you see becoming more prevalent and, you know, how do you kind of differentiate the current state from your definition of the future of work?
Michael: (06:01)
Yeah, so I think there are three key things that are gaining momentum very quickly, specifically as it relates to the future of work and freelance economy. One is on-demand expertise. If you really think about what a firm model or a job or working at a large company entails pretty much requires the worker to morph and change into. It's almost like a fitting around peg into a square hole. The worker has t...