Freshbooks is an awesome tool for managing all the boring bits when it comes to freelance work. It does Time tracking, Invoices and keeps track of your VAT and stuff as well. Basically all the things you don't want to spend your energy on, Freshbook does for you.
Thanks to a competition on Jacob Gube's blog Six Revisions I got a free subscription for a year, and I can't tell you how sweet this app seems to be.
Thank you Jacob and the Freshbooks team!