a) You have to provide a rent book: Even if paid by bank transfer. (Landlord & Tenant Act 1985 s4)
b) All that ruddy admin
Your choice, but I prefer monthly rent by bank transfer, simple check online, easy proof for both landlord & tenant that rent has or has not been paid - or not, and records nicely available to HMRC, no arguments.
If you want warning every week not every month that your tenant ain't paying sounds like you have little faith in your tenant.
I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...