Simplifying spell component management

I have started a new campaign and am considering making life a little easier for my spell casters by not expecting them to source and find all there components ahead of time. Especially where components are destroyed. Instead being willing to allow them to operate a tax system. If a spell requires a 1000GP gem bowl just have them remove 1000GP from the inventory instead of making them find and buy the bowl. One of the main reasons for this is that the new party has a druid, cleric and paladin so a lot of spells potentially for them to go and source components for and as new players I want to try and streamline things a bit.

Is this an accepted standard mechanic for managing spell caster components or are there other ways of simplifying this aspect of spell management.