NTP - Network Time Protocol

First there is an "old school" method of setting time on your IOS Device, which is fine if you're one of those :)
#clock set 16:50:00 15 NOVEMBER 2013
*Nov 15 16:50:00.000: %SYS-6-CLOCKUPDATE: System clock has been updated from 15:50:31 UTC Fri Nov 15 2013 to 16:50:00 UTC
Fri Nov 15 2013, configured from console by console.

Now if you set this time really good, and the Switch is new generation and you really trust it, then in order to have
an entire network to be synchronized (and absolutely no external NTP available), set the most awesome switch to be
a NTP Server:
(config)#ntp master ?
  <1-15>  Stratum number <- STRATUM Number, all DOWNFLOW routers shall have SERVER + Number of HOPS

Check what's happening:
#show ntp status
Clock is synchronized, stratum 2, reference is 127.127.7.1
nominal freq is 250.0000 Hz, actual freq is 250.0000 Hz, precision is 2**18
reference time is D630D0D3.99A45AAB (16:56:51.600 UTC Fri Nov 15 2013)
clock offset is 0.0000 msec, root delay is 0.00 msec
root dispersion is 0.02 msec, peer dispersion is 0.02 msec

Then configure ALL the other Devices to synchronize their time based on the Awesome NTP Master Switch:
(config)#ntp server 131.1.13.1

Configure the BROADCAST on the Interfaces:
(config-if)#ntp broadcast <- On the NTP MASTER
(config-if)#ntp broadcast client <-ON NTP CLIENTS