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ClickTime vs. Excel

Is time tracking in Excel effective? What kind of insights does it offer? How does it stack up to online time tracking?

Excel vs ClickTime
  Excel ClickTime
Basic Time Entry
Track Project Costs
Data Export
Stopwatch
Mobile App
70+ Reports
Timesheet Approvals
Timesheet Reminders
QuickBooks Integration
Google Calendar Integration
Access Controls
API
Single Sign On
DCAA Compliance
Expense Tracking
Dedicated Support
Professional Services
Employee Resource Planning
Employee Performance Reports
Variable Billing Rates
Chrome Extension
Custom Report Builder
Project & Task Restrictions