Time and money have several parallels.
Society has always valued money highly enough to account the expenditure of every last rupee. The mere act of having to record his expenses makes a person a more disciplined spender. At the end of the month, your records tell you where most of your money gets wasted.
The same principle translates to time as well. To account one’s time is to open a spreadsheet and log how every minute of one’s day is spent. Like unveiling a magic trick, your time log will reveal where 24 hours disappear when you aren’t looking.