A nifty piece of equipment I’ve been using since I did a paper piecing workshop, is a 1/4″ ruler. Known as “Add-a-quarter”, this ruler is 6″ long, about 1″ wide, and has a raised 1/4″ lip which hooks nicely over the paper piecing edge so you cut a perfect 1/4″ seam allowance every time! I’ve now added it to my Amazon store if you want to buy one.
See http://www.quilt-pictures.com/add-a-quarter.html for more information on how someone else uses this handy little tool.