I use the installed version of QuickBooks because it has more functionality than the online. QuickBooks Simple Start is available in a free version that will handle all of the basic bookkeeping needs you have as a start-up. If you can't find it online, PM me with your email address and I'll send you the QBSS 2010 .exe file.
QB Pro does have time tracking built into it, I just personally don't like it. My spreadsheet is pretty basic and simple and you can click a buttons on your keyboard to have Excel enter the time based on your computer's clock.
I read on this forum that Freshbooks is more comprehensive and may have all of the features you want but I'm not familiar with the software.
I like the online PM management since I can set it up for my clients to login and upload/download files and ask me questions.
I also read that ExpressScribe is an excellent transcription solution.
Hope all this helps.