To a degree, but it takes a little babysitting.
Use Software > Edit Purchased Licenses to create & maintain the list of software you want to keep tabs on.
Once you've got your list established, you can monitor your license compliance through Software > License Compliance.
The babysitting comes in the need to periodically add to the lists as new versions of the software are released. E.g. I have an entry for $usefultool. I've defined which software (title + version) is to be counted against the total so "$usefultool v18.0.0", "$usefultool v18.0.1", "$usefultool v18.0.2", etc. all count against my $usefultool total. When v18.1.0 was released, I had to edit the list to add that to keep my totals current. When v18.1.1 is released, I'll need to edit the list to add that. Lather, rinse, repeat.