Hubbie built a large shelving unit (10 feet long) organize by color on shelves, made a sheet cover to protect the fabric from dust & light. On the very top, I keep a large roll of batting, easy to pull down what I need and cut.
Everything is easily accessed and very visible when I need something.
I keep scraps in rubbermade containers under my cutting table, labeled by color or theme ( as in Christmas, kids, etc.)