Applecations has released a development version of
Hourly, a new application used to track time and projects. It costs $30, and is available as a public beta version.
Hourly is aimed at freelancers and independent contractors who need to keep track of the time they spend on tasks. It features project and expense tracking, integrates contact and deadline management with Address Book and iCal, and also shows you iChat availability of your contacts.
You can customize the formatting used for identifying project codes, create timers when you begin working, or record your time after each work session is done, and even create custom templates for invoicing. You can compare actual time against estimates, track separate elements of the same contract, use client-specific billing rates, apply taxes and export invoices in multiple formats.