My husband and I work at home and have a two year old. We Have found the following to work really well for us.
Setup a safe play area. We have a play area right by our office that is completely childproof and as large as we can make it in the space. Our daughter is happy to play here by herself. Depending on the day it can be between 30 min or 1.5 hours (if we're lucky). I rotate the toys out often so that the old toys get some time too, and that seems to help a lot. I set up activities for her, give her books to look at, she loves building with blocks, and she generally wreaks havoc in the space. We talk to her while we work, sing songs and ask her about what she's doing. Since we're around, she is happy to do her own thing.
Take advantage of naptimes We do naptime around lunchtime, from 12-2, and this time she is in her bed, playing quietly or sleeping. She doesn't have to sleep but she must be in her bed and quiet. This is when we work on tasks that need concentration and dedicated attention.
Get them outside Usually in the morning we go for a walk before breakfast, and then in the late afternoon we play in the garden with her before suppertime. This helps get out the cooped-up time she spends inside, and she usually runs around and wreaks havoc in the garden.
Work in shifts I usually work in the mornings and at naptime, and my husband works afternoons/evenings. This way there is a parent around to help/feed/water/entertain/change her, and the other parent can get a good chunk of work-time in.
Have low expectations There will be days when you just can't get everything done. Expecting both of you to work full time is just going to be impossible. My husband and I work probably 60 hours between us (him 35, me 25) and really beyond that is just not feasible. You may need to re-consider how much work you will be able to get done.
Drop the unnecessary balls Not everyone can juggle all the balls in the air. The dishes will be neglected, the laundry will too. Its ok. Do what you can to survive. We use the weekends to catch up on housework.
Don't feel guilty If your kids are happy to play by themselves (in a safe place, with you nearby working), don't feel guilty! They need time to play alone independently and entertain themselves. It is a skill they need to learn. Appreciate it! because they will let you know when they need attention. But a little time on their own is fine, as long as they are safe and you are nearby.
Quality over quantity We have key times we check in and connect with our daughter. before naptime and before bed are the big ones, we spend some time giving her undivided attention. Reading, singing a song, playing, bathing, etc. We also spend a few min playing outside and exploring. This way we connect with her and keep her love tank full.