In my talk, I will highlight the crucial importance of accurate knowledge of the point spread function (PSF) for different applications in astronomy. I will then summarise our recent work on reconstructing the PSF of observations carried out with the MICADO imager, which is currently being constructed as the filrst-light instrument for the Extremely Large Telescope (ELT) of the European Southern Observatory. Using atmospheric and telescope data collected during mock observations, the shape of the PSF and its variation across the field of view are predicted. By using the predicted PSFs to analyse mock MICADO observations of stellar fields and comparing the photometric and astrometric accuracies achieved to the results obtained with commonly used analytical PSF profiles, we assess the prospects of PSF reconstruction for the era of the ELT. My talk will showcase our current results and illustrate some remaining challenges.