Not sure what kind of budget you have or number of employees but this looks interesting....
http://www.replicon.com/time-off
Seems like there are quite a few cloud based options out there.
https://www.tracksmart.com/pages/compare-plans.aspx
Edit: Ducking Autocorrect
Time tracking software is the best for professionals, which has the ability to manage multiple projects, tracks time effectively, creates invoices, tracking reports for every specific task performed. There are also some simple tools which solely meant for time management modules.
But, I prefer using time tracking software from Replicon ( http://www.replicon.com/time-tracking-softwares.aspx ), when I started to use this application, I was not sure if I would get all the benefits I was told I could get. However, in a few days, I found that there could be no better replacement for this software due to its great flexibility and capabilities.
Our company uses Replicon, and it's decent. Their customer service will spend hours on the phone with you if they have to in order to solve your problem. They do a decent job. http://www.replicon.com/