Disclosed herein are two-component enzymatic peracid generation systems and methods of using such systems wherein the first component comprises a formulation of at least one enzyme catalyst having perhydrolysis activity, a carboxylic acid ester substrate, and a cosolvent and wherein the second component comprises a source of peroxygen in water. The two components are combined to produce an aqueous peracid formulation useful as, e.g., a disinfecting or bleaching agent. Specifically, organic cosolvents are used to control the viscosity of a substrate-containing component and to enhance the solubility of the substrate in an aqueous reaction formulation without causing substantial loss of perhydrolytic activity of the enzyme catalyst.