Last year, I made these homework boards from project boards I saw in Family Fun magazine www.familyfun.com (look up Homework Central). They each have their own little space to do their homework and it keeps them from distracting each other. Though you can decorate it however you'd like, theirs is just white with the basic school supplies.
Kaitlyn and Preston are at to work on their homework. When they get home from school, they may have a small snack, rest time, and then start on their homework.
Preston's board has clothespins stuck on foam squares to clip any papers he may need. A pencil case with a pencil, ruler, kids scissors, glue stick, and pencil sharpener hang from a plastic hook. I have a bunch of notepads from when I worked in family practitioner's office that I gave to the kids. We hung a pad on the board for them to use as scratch paper.
Here is Kaitlyn's board. They both have identical supplies. I also put velcro tabs on one side of the board to attach a calculator and container full of rubber bands and paper clips.
This seems to keep them organized with all the supplies close at hand. We also started an incentive chart. I printed off a monthly calendar for each of them. Each day they do their homework, they get to put a sticker on that day of the month. After 10 stickers, they can either get $1 prize from the store, a movie night, or a game night. So far, so good.