It's think it's pretty common when billing for time when the base rate is high. Lots of big law firms bill in six minute increments.
i'm not a UI expert but timekeeping doesn't seem particularly innovative. there are probably all sorts of esoteric certifications and approvals one might need for e.g. DoD compliance, so i'm guessing there are few people thinking about this and fewer willing to get it done and certified for the sake of the users.