Ask HN: Thoughts on being required to log time in an effort-tracking system?

I've been a salaried software engineer for several years (multiple employers). My current employer is rolling out an "effort tracking" initiative which is managed in part by a dedicated team of PMP-type folks. We are being asked to enter hours into this system, to help track project costs, etc.

Is this a sign that things are not good financially where I work? I'm not sure what to think.

I'm curious to hear opinions others have on the subject.