Yes, two things to bear in mind.
We were completely relaxed about cloud computing, but we were (astonishingly) cut off by BT. Their mistake took over a week to correct, but we had no access until we put in place a workaround, it was a nightmare! Hard to believe it could happen, but it did to us!
If you output a report as a spreadsheet, you cannot refresh, as you might using Excel/MS Query when hosted locally. This has caused us much anxt, and we are having to adapt how we work in a most unexpected and unwelcome way.