Is there any tool (asana, wrike, trello, etc) that can help with the following.
I use excel at the moment and struggle to do it efficiently.
I hired multiple overseas freelancers/VA's
I want them to summarize daily what they’ve done.
I want them to highlight key achievements.
I want hours and cost tracked for each session. Say they worked 3 1/2 hours for $10/hour, this should show as $35.
Each week ideally I receive/see an automatic report of key achievements for the week and month.
I want to be able to see how the employee is doing week after week and compare and see how things develop (Achievements, costs, etc).
Use this to be able to evaluate an employee, including put on notice, fire, make suggestions or pay a bonus based on certain criteria (x achievements).
Most important is that I can easily pull/see the employee related work information. I found if it’s not extremely easy and literally in my face without me doing any manual input I tend to stop using whatever service I use/test or slack on monitoring progess. The more it works automatically, the better.
Anyone doing something similar and uses a tool to do that? If so, which one and how do you use it?
i use hubstaff with everyone even with our internal employees. and we use trello for tasks which they comment on when they started and completed as well.
Same suggestion as ianternet. Use hubstaff to track time, see activity levels, screenshots etc. To manage projects I use Asana since the free version is great 
Same here: I use hubstaff for time tracking and trello for progress.
It's not an all in 1 solution but it works really well (and I've tried more tools/solutions than I can remember).