I used to build my invoices in InDesign and keep track of the time I'd spent on projects using a timer. Then I'd keep a ledger to track when invoices were due and who had paid me.
GrandTotal is excellent! The layout is completely customizable to suit my needs. It calculates taxes automatically. It keeps track of which invoices are overdue and which have been paid. And when used with TimeLog, I'm saving a lot of time doing the "business" side of my business and have more time to work on my projects.
And that's just the invoice feature. GrandTotal also creates estimates that can be made into invoices when the project is accepted. The interface is clean and straightforward and I find that making invoice layouts is fun! I highly recommend this application.
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