You will eventually get tired of looking at UTC timestamps in your server log files.

https://help.ubuntu.com/community/UbuntuTime has a detailed guide for setting the time zone on your server and synchronizing it’s clock.

Here are the commands I used to set my time zone and synchronize my clock on Ubuntu 12.04.1 LTS.

Set time zone

sudo dpkg-reconfigure tzdata

Synchronize clock

sudo apt-get install ntp