time draft vs time bill

time draft and time bill both are nouns.

Word	Noun	Adjective	Verb	Adverb
time draft	Yes	No	No	No
time bill	Yes	No	No	No

As nouns, time draft and time bill are synonyms defined as:

time draft (noun)	time bill (noun)
a draft payable at a specified future date	a draft payable at a specified future date