Time is Money - Saves Yours The historical business adage, time is money, still holds incredibly true in business today. Every single ticking minute counts towards profits or losses for businesses. Therefore, each minute must be optimized to ensure that the highest levels of productivity and profitability are met. Timesheet software can be utilized to help with profitability through many different ways: As a standalone time tracking system used only to record timesheets, and generate reports   Integrated into accounting systems - where timesheet data is directly sync'd with company accounts   Integrated into billing systems - used to generate invoices, especially used by contractors and professionals such as consultants or lawyers   Integrated into project management systems - timesheet data is used to graph the efforts being spent on each project or task.   Integrated into payroll system - timesheet data is used in payroll software to pay employees based on their time worked.