Time is money.
Time is a resource with economic value and should be spent accordingly.
What They Mean
Account for the hours. Every activity carries an invisible invoice, and dawdling is a form of spending.
Are They Right?
For those who bill by the hour, literally. For everyone else, the metaphor holds until it is used to justify answering email during dinner.
What They Left Out
Money is not time. It cannot buy a second of it back at any exchange rate.