The free web-based utility facilitates communication and collaboration among everyone involved . It offers a ross-organizational platform that fits in with other back-end billing, project management, and ERP systems. Workers can enter their time once, and TimeXchange routes those hours to all involved -- project managers, human resources personnel, the staffing company, and more. TimeXchange leverages collaboration methods commonly found on popular social networks to manage routing and approval among all parties.

Time reports can be exported as PDF or .xls files, as well as downloaded to QuickBooks. Soon-to-be-released enhancements will support integration with 37signals’ Basecamp project management application, enabling users to import projects, contacts, and to-do lists, as well as an
iGoogle widget that displays the TimeXchange projects dashboard. TimeXchange also recently launched free and premium versions for the iPhone that let workers capture and upload their time for any project or task.

Based on community feedback, TimeXchange added a budgeting feature that provides the at-a-glance visibility that team members need to keep projects on track and on budget. At the beginning of each project, managers can define specific budget limits for each worker. A real-time dashboard tracks actual hours spent versus total allocated time.

Anyone can sign up for a free account and instantly begin creating projects and inviting others to join specific projects. A project setup wizard helps you define projects -- including setting cost and billing rates, team members, access rights and other preferences. Once they accept the invitation, all team members (workers, administrators, managers, clients and third-party providers) can submit, share, view, approve and route time reporting data in real time.

For members, their TimeXchange account becomes a central repository for their work life -- complete with an entire history of their past projects along with every client, project manager, and colleague. As a result, their TimeXchange network represents their “real work network” -- containing only those colleagues whom they have actually worked with.

TimeXchange is a free, ad-supported solutions. A premium ad-free version is available for a one-time fee of US$9.95.