Originally Posted by
C0ldf1re
CONGRATULATIONS on being one of the very few people to recognize the risks! :)
The firm that provides the software could instantly disappear, leaving you with data that you cannot use. Or they dramatically increase their fees and blackmail you.
You might find that your data goes corrupt, and that backups were never made. You are likely to find it impossible to sue for redress.
Or your data might just be stolen and hawked off to your competitors.
Nothing can be as safe as accounting software installed on your own computer, and where you can control access, and supervise backups.
Vendors of on-line accounts will never tell you this. The monthly-fee system gives them their dream of recurring revenue!