How well does the NeatReceipts for Mac work on a MacBookPro from 2006?

The NeatReceipts for Mac looks great, but can it be stored on an external hard-drive.
Will it slow down my computer even when not in use. I have approximately 53GB left on a 119.69GB capacity MacBookPro.
Since installing Snow Leopard the speed has increased and I would not like to loose that feature.

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