Ask HN: What's Wrong with Your Hosted Time & Billing Software

I'm currently a Harvest (http://www.getharvest.com) user, and it works great for my needs as a freelance developer. I showed it to my accountant, and he was underwhelmed and deemed it not feature complete. He tried to explain why it fell short on his requirements (much of it on the reporting side). Most of it went over my head, with various accounting terms and what not, but it made me curious; how can these types of hosted time tracking and billing be improved from a feature standpoint?

What features are missing from the web-based time & billing tool that you currently use? If you can include your industry and role, it will help qualify the responses.