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I've been pondering time accounting as well. I currently just log my time as I go into a spreadsheet, and then re-key it into our corporate time accounting system once a week. This still makes sense as OF would not capture meeting, travel or unplanned time.

That said, I might find a way to take advantage of some extra fields (for elapsed time and accounting codes) in OF to automate at least a portion of my time accounting workflow. And, yes. A generic timer field (with supporting controller) would be awesome.