I'll start by saying I hate school paperwork. I have 3, this year going into 2nd, 1st, and pre-k... stuff comes home all the time. Thankfully our schools try to limit sending things home until Fridays, but this year I will have 2 that get weekly homework on Mondays (comes home Monday, due Friday).
For homework and reading logs each child has a clipboard (they each have their own color) that gets stored on one of our kitchen counters, this way they always know where to find it and I can check in on progress. I have a rule that there is no ds or computer time until the homework for the day is finished, and if we have a play date or activity scheduled during the week they need to do that days homework before the scheduled date.
For the weekly piles, I read everything as I go through backpacks, and honestly toss most (not in front of the kids of course!). Any art project I take a picture of so we have a digital record of it and they can pick 1 special thing to go on the playroom wall if they would like. If the walls get too full, they can pick one of their older pieces to come down and be replaced. Some artwork does get saved and turned into grandparent cards or gifts, but not too much (goes into a small storage basket in the kitchen cabinet). Each child also has a 3 ring binder filled with sheet protectors that certificates or very special work goes into. I have in there awards, hand print art from each year (preschool+), karate belt promotion certificates, etc as well as samples of their writing over the year (beginning and end only). In my older ds's notebook I also have saved a story or 2 that he's written in class (usually about his brother) to torment him when he's older.
The last thing I started last year which really helps me, is I put up a cork on the wall behind my computer monitor (where I am most prone to look at it

). On there I put the school year calendar, birthday invites (x3 there are SO many!), and school notices I need to keep track of (field trip forms, PJ day, etc).
On a side note, with all of the digital art... You can use a simple photo editing program and do a scrap book type of layout and print up calendars of the random art for you and the grandparents each year.
