Here’s a quick and easy way to label homebrew beer bottles. I take some small printer labels and print the name of the beer on them and stick them to the caps. You could also print other info like bottling date or gravity. I like this method since there is nothing to clean off when you recycle the bottles. You just throw away the label with the cap. It also makes it easier to tell the difference without taking them out of the box.
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Update:
Here is a template I created for Avery 1/2″ x 1-3/4″ labels (ie: avery 8167)
I modified the standard template so you can print twice on each label and cut them in half. This way they end up the right size for a bottle cap.
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I utilize the Avery 3/4″ round template to print out labels for my homebrew to stick on the caps, rather than your method. Try it!