Layered image editor workflow? (external image editing)

Is there a way to have Photoshop save both the layered PSD file and a PNG (flat) file at the same time?

I’d like to use layers, but of course PNG doesn’t have layers.

You should look into intermediary file format like tiff that designed to facilitate interops with other programs.

The key here is layers: I want to use layers in my image editing. If TIFF doesn’t support that, I don’t want to use it.

it does support layers