The economy is rebounding from the recent recession. As consumers confidence increases and retail spending grows, companies are adding new individuals to their payroll. In fact, acting Secretary of Labor Seth Harris announced that 157,000 nonfarm jobs were created in January, bringing the unemployment rate to 7.9 percent. 

"January's report marks 35 consecutive months of private sector job growth totaling more than 6.1 million jobs. Today's report shows that the economy gained 2.25 million private sector jobs in 2012, which includes an annual revision to the survey that resulted in an additional 424,000 job," Harris reported. 

To keep up with hiring efforts, companies must ensure their payroll processing records are accurate and up to date, according to Business 2 Community. The source notes that if employers fall behind on these efforts, employee satisfaction will suffer. However, the implications can be much more serious than that. If businesses aren't keeping accurate records of employee attendance, paying at least minimum wage and overtime when it's applicable, they are violating the Fair Labor Standards Act (FLSA). This leaves firms vulnerable to employee lawsuits and correction action by the United States Department of Labor.

 Fortunately, there are now many web-based payroll solutions that make it easy for employers to track time and attendance and generate accurate paychecks, the source adds. 

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