Folder Structure vs Filter Parameters for Accessing Historical Documents

Do we need folders or a paginated list with filter parameters (Time-range, file type, etc.) to easily access the historical data such as invoices in a cloud repository application? 

With a folder structure, users can easily access a document set. But a default list with filter parameters can provide greater flexibility in narrowing down results with less organizational clutter and other hassles of folder management. Which would be a better approach?