Keeping track of billable hours is a crucial task for companies and individuals alike. And although there are literally hundreds of time tracking and time card applications, most are designed to be used in a very specific ecosystem. This can get tricky if you are working on a proejct with both employees and contract workers, and your tracking system is only designated to work based with regular employees. If you are a freelancer and you work with clients and collaborate with other developers, time reporting can be even more problematic.

These are the types of hurdles TimeXchange, which officially launched today, hopes to help overcome. TimeXchange, which bills itself as "part web-app, part social network," is designed to reduce data entry redundancy and help people using different backends work and collabrate together more efficiently.

This is how it works: you sign up for a TimeXchange account and create a new project, select your role in the project and then indicate if you are working by yourself or on a team. If working on a team, you can invite other users, indicate what level of control they have (can they approve timesheets, can they see budget and billing information), etc. If you are invited to join a project, you simply respond to an e-mail, and create your own free TimeXchange account so that you can collaborate with the rest of your team.

Here's where TimeXchange is different than a base level time or budget management repository: you can easily export your data into other formats or integrate with other services. You can export your data (either project or individual) as a PDF, CSV or QuickBooks file. In the near future, support for 37Signals Basecamp API and an iGoogle widget will allow you to import existing Basecamp project data and to-do lists.