Just to add some data about why NTPD is not a good solution. NTPD is a daemon that tries to compensate for the local clock drift; if the "internal clock" drift's away by X number of seconds in a day, then instead of jumping ahead/forward like a forced command as in "ntpdate " NTPD tries to add/remove some cicles to the clock so that in time, normally within 15 minutes, the clock runs accuratly enough and the compensation overcomes this X numbers of seconds that the servers gains/losses in a day. This has te advantage that you wont see any time in the day repeated, wich is a MUST for for transacctional sistems.
But to be able to do this, NTPD requires that the local clock does a reasonable good joob, wich normally means that the local clock wont drift appart more than 42 seconds a day (more or less, i am not sure of the exact number). This normally is a problem in Virtual Machines, since the the clock is software controlled, so if the HOST has too much overload, you could see that the CLIENT's clock will run more slowly, and if it doesn't then the clock could run too fast. The problem here for NTPD is that the local clock is not reliable and doesn't have a constant drift in time; it may be more or less depending on the overload of the HOST system.
So in this case it's better to install the client tools as has been suggested, and syncronize the CLIENT clock with the HOST's clock (normally refered as the "wall clock")