Being compliant with the Fair Labor Standards Act is a priority for businesses that want to avoid penalties, fines and lawsuits. A good start is the accurate tracking of employees' work hours through employee management software.

Double-checking various FLSA-related concerns also helps businesses meet the regulations of the law, according to attorney John E. Thompson of law firm Fisher & Phillips LLP. A review of non-exempt employee pay records can ensure that minimum wage and overtime pay obligations are being met. If deductions are made from workers' pay, those should be monitored to make sure they aren't dropping wages below the minimum level.

A related concept to companies meeting the minimum wage is awareness of laws that increase the lowest legal base pay on a state or municipal level, especially as 2014 begins and new legislation is enacted. The U.S. Department of Labor provides a state-by-state list of prevailing wages that is easy to check.

Employers should also keep in mind that unless they are a small business, they must meet the federal minimum wage - even when in a state where the lowest possible pay rate is below the federal standard.

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