When customers pay for your services, they’re really buying your knowledge of how to get the job done the best and fastest possible way. That’s why an inexperienced carpenter charges $15 an hour, whereas a master woodworker who hammers faster and straighter than a nail gun charges $80 an hour. When it comes right down to it, time is money, so you want to keep track of both with equal accuracy. Product-based companies track time, too. For example, companies that want to increase productivity often start by tracking the time that employees work and what they work on.