The time report highlights any temporal references that you have made in your text. This can give you a good indication of the temporal flow of your writing as well as allowing you to check for any inconsistencies in the time-line of your novel.
It is really important when you are writing a novel to use a time-line. It allows you to keep all of your events in a logical and consistent sequence. Many novelists will map out a time-line before they start writing and then gradually fill in the pieces. This can be particularaly important for novels with flashbacks and complex temporal sequences.