I track my time in an excel spreadsheet for PERSONAL use; I DO NOT give my clients daily itemized time (I'm not an employee!) but rather give them a lump-sum amount of time on their invoice at the end of the month. So a monthly invoice would look something like the following:

3 hours) Daily bookkeeping - sort/enter credit card receipts, enter payable invoices, pay bills, create new invoices.

1.5 hours) reconcile credit card accounts, bank statement

.5 hours) teleconference w/client re: credit card/bank balances, new invoice to -- project.

7 hours) End of Year - clean up files, recon loc 1/2, archive/create new folders, run 1099/w-2 reports, prepare/mail 4th qtr reports.

Total monthly charges 12 hours @ $--/per hour = $---

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Lily Chambers, The Virtual Office Goddess, LLC
Author "How to Do Your Own Small Business Bookkeeping"