Hourly Tracking

I would love to have a hourly tracking option where it could be added/tracked across multiple projects right from the top menu. Then I could see how many hours someone has worked per week, per project and ensure time allocations are appropriate - and make it easier for me to pay them on my bi-weekly schedule. Bonus if I can enter by service that is saved by what is invoiced to client AND what is invoiced to the company (instant profitability calculations). PRETTY PLEASE?!?