Funds and Book keeping

The higher echelons of my university has decided that the person who use to keep our accounting books (for grants) is no longer needed. This means that the faculty has to keep all the book keeping which include how much money is there to spend and what is already spent, where it is spent and who spent it. It also includes keeping track of all the reciepts and other documentation.

This sounds very weird to me that we as faculty have to do this kind of book keeping. But I am a newbie and I might be wrong.

Do you have a person who does this kind of book keeping for you and makes sure that all the expenses incurred are backed by documentation? If not, what is your strategy for keeping records and number straight?

I am officially a Tweep :D

I have decided to join twitter verse to have yet another distraction and waste more of my time. But a lot of academics seem to be on the twitter verse so it might be worthwhile. We will see.
You can follow me at https://twitter.com/funnyresearcher