Organization Hack: Paper clutter organization solution

I am an organization hacks junkie. Whenever I happen upon a cool organization tip (like this one) on pinterest or any of the blogs I follow, I try to apply it. Sometimes they work, sometimes they are a big bust but I am always on the lookout for great organization hacks.
Every once in a while I also get ideas that work wonderfully. Here is one such idea, just in case you are also looking to tame paper clutter.

Yes that's an over the door shoe organizer, which I'm using to store our papers now. It has so many compartments. I have designated one compartment for each bank account and credit card account, there is one for insurance, one for utilities and one for receipts.

At the end of every month, I clean up the receipts pocket and put all the receipts in a ziploc bag. Then I label the ziploc bag with the month and year and store these ziploc bags in one drawer. This makes it so easy to find the receipts when we want to return something. I don't have to riffle through a big jumble of the receipts.

At the end of the year I'll place all the statements of each pocket together in a big envelope and store all these envelopes in a folder labeled with year. Easy Peasy! Lemon Squeezy!

I have tried a lot of methods to organize paper clutter but this one has worked the best so far. This is hung at a closet door so not many of our guests can see it, but every once in a while the door gets opened, and every single time the guests comment that its a great idea. That's the reason I thought I would share it here.