My two cents.....At one time or another, I think everyone has kept a physical folder, and electronic spreadsheet, database or Word document. We had huge paper folders with correspondences, and electronic files on both the home computer and my computer. It was a mess trying to find anything electronic.
I'm going to take a different approach with my 3rd son. We're going to keep everything electronic in Google Drive, so my son or I can update a spreadsheet, document or whatever. I travel, and I think this would keep the collaboration level higher than our previous experience. He can update the electronic spreadsheet and documents anytime and anywhere. As for the paper stuff, there is no getting around it.
Good luck!