Two days of inspiration, knowledge exchange, and networking at Kopaonik marked this year’s “CFO with Purpose 2025: When It Gets Tough – CFO” conference. From tax challenges and AI-driven transformation to risk management and green financing, we explored together how financial directors are shaping the future of their companies.

The President of UFDS, Milan Bukumirovic, summarized the key takeaways from this outstanding event.

Based on insights from the Horváth survey of financial directors, the conclusion is that we remain optimistic despite economic uncertainties, with a focus on short-term measures that deliver long-term benefits, particularly through leveraging the opportunities offered by (Gen)AI.

At the Tax Debate panel, we discussed whether tax reform is feasible under conditions of deficit and uncertainty, and how to improve tax-legal certainty while learning from international practices. One of the conclusions was that relatively small, but smart and structured investments in the administrative capacity of the Tax Administration can lead to very significant results.

At the Tax Practice panel, very practical advice was shared on what triggers a tax audit, the steps to take before, during, and after an audit, the responsibilities of financial directors in tax inspections, and what the new trade and taxpayer registers bring us.

At the “CFO and AI” panel, one of the key points was that AI is not a replacement, but a “super-assistant” that automates routine tasks, enables faster forecasting, and gives people more time for strategic decisions. From continuous forecasts to optimizing P&L analyses, AI boosts productivity and helps teams focus on the business rather than the spreadsheets. To quote one of the panelists: AI is like Nikola Jokić – a brilliant player who, wherever he plays, increases the value of every individual player and elevates the value of the entire team!

In the dynamic world of financial management, a CFO’s success depends on their readiness for change and the continuous review of processes. A CFO is not just a financial expert, but a visionary who builds and leads teams and drives transformation—this was one of the key takeaways from the “The CFO Playbook” panel. We also received concrete recommendations to 𝗲𝗺𝗯𝗿𝗮𝗰𝗲 𝗰𝗵𝗮𝗻𝗴𝗲, to listen carefully within the team, and to be outspoken and authentic towards ourselves. A dobili smo i konkretne preporuke da pr𝗶𝗴𝗿𝗹𝗶mo 𝗽𝗿𝗼𝗺𝗲𝗻𝗲, da je s𝗻𝗮𝗴𝗮 u timu i da budemo od𝗴𝗼𝘃𝗼𝗿𝗻i 𝗽𝗿𝗲𝗺𝗮 𝘀𝗲𝗯𝗶. 

At the “Best Practices” panel, we heard excellent examples of effective practices. A shared conclusion was the necessity of close collaboration between a company’s business and IT teams. Key insights included that a well-designed BI architecture enables deep insights into the P&L, eliminating delays and manual work; that clearly defining the business problem leads to efficient technological solutions with measurable ROI; and that cybersecurity should be a strategic priority—IT risks are financial risks, and companies must proactively manage cyber threats, asking themselves, “How much does it cost if the company is down for a day?” Efficient IT architecture and high-quality data form the foundation for scalable and modern financial processes. Technology is not just support—it is key to strategic decision-making and competitiveness.

We concluded the first day with the idea of immortality—or, to quote our special guest, “DEATH IS NOT AN OPTION.” Jose Cordeiro took us, in a very dynamic and vivid format, on a journey exploring revolutionary ideas of longevity and immortality, as well as scientific advances that are reshaping the future of business and life.

There were many fascinating insights at the six thematic workshops.

Planning – perhaps the biggest takeaway is that the time has clearly come to automate planning, as it can truly deliver added value, not just save on manual work.

Automation – The general conclusion is that everyone already uses automation and software to some extent, with the tools we rely on most being Microsoft Power tools.

Digital Transformation: The conclusion is that this is not exclusively a technical project—it involves changes in culture and processes. The CFO’s role is extremely important in all of this; they are not just the guardian of the budget but an agent of all these changes. They are not only someone who knows the cost of everything but also understands its true value.

Data Management: Data management is a very important topic. The goal is to ensure the required data quality and security, and, of course, to define data ownership. A key prerequisite is for management to recognize the significance of data-driven management.

Cost and Process Optimization: It is important to consider both short-term and long-term optimization processes, depending on the maturity of the company and the CFO. There must be a culture of accountability within the organization. Many different factors influence cost and process optimization.

M&A: Preparation is key—especially when it comes to a structured process. The role of the finance department and the CFO is extremely important, which is not an easy task given all the daily responsibilities they manage.

At the Risk Management panel, it was fascinating to examine a wide range of risks—from climate change and natural disasters to human factors and stress levels faced by financial directors in their daily work, especially when making necessary but stressful decisions, as well as geopolitical risks and their impact on business—from U.S. trade sanctions to sanctions on NIS, the effects of the Ukraine crisis, and many others.

At the panel on Sources of Financing, we presented a new market opportunity made possible with strong support from the Ministry of Finance and the World Bank: the issuance of corporate bonds on the Belgrade Stock Exchange. The company Elixir also shared its experience, having recently completed a successful issuance of a corporate green bond.

And finally, in a very important discussion – Banks and CFOs with our esteemed bankers from UniCredit, Erste, and AIK – the key message was that communication with the bank should not happen only when a product is needed; rather, the partnership should be continuously maintained and strategically approached. Additionally, it was highlighted that the economy is underleveraged and there is room, through partnerships with banks, to finance economic growth.

Thank you to all of you who actively participated—on panels, in workshops, during breaks, and at dinner. Thank you for sharing knowledge, asking questions—over 300 questions submitted via the SLIDO app—listening, and recognizing the importance of such a gathering at a time when networking is more valuable than ever.

Special thanks go to:

• Our partners: Farseer, Orion Telekom, Erste Bank, Horváth, Aigo, UniCredit, Ernst & Young, AIK Bank, Mainstream, Sava Insurance, and M&I Systems
• For refreshments: NutrinoLab and Knjaz Miloš – Rivolta – Pepsi
• For gifts: Viola Verde
• And of course – our technical partners from Inovations, the PR team at Headline, the hosts from Grand Hotel Kopaonik, designers, photographers, videographers, interpreters, and all the behind-the-scenes collaborators.

And a special thanks go to the members of the Conference Program Committee, who are most responsible not only for the program content but also for ensuring that the conference was delivered at such a high level. Thank you for your invested time, energy, knowledge, and dedication: Savo Bakmaz, Dejana Backović, Saša Mlađenović, Marko Cilić, Miloš Đukanović, Mina Janjić, Violeta Kovačević, Radmila Miletić, Zoran Daljević, Sanja Keranović, Branislav Lončar, Dragan Ranisavljević, Brankica Trajković, Marija Kujović Stanimirović, Tatjana Vorobijev, Verica Teofilović, Slobodan Žepinić, Anita Lazović, Anastasia Čučulis Cvetković, Jelena Gojić, Filip Paunović, Jovan Krstić, and Miloš Antić.

Also, a big thank you to all of you who chose to invest your time, money, and attention to be here. We appreciate the trust you have placed in both our Association and this conference.

I know that some of you here have already started thinking—about the next one.

Until then – let’s stay connected, support one another, and remember that even when it’s tough – CFO.