SharePoint or OneDrive? A Guide

Many people are confused about the difference between OneDrive and Sharepoint. After all they both allow you to store files in the cloud and synchronise them onto your local computer.
At their most simple the two systems are:
OneDrive – Cloud storage for the individual user to keep their own work or personal files which allows them to synchonise them across multiple computers and be accessible in the cloud. Files can be synchonised onto the computer so that they are available offline and any changes, additions or deletions are copied to the cloud and other synchronised devices automatically. One Drive can also be used to backup up your Desktop, Documents and Downloads folders so you can have the same look and files on multiple computers.
Sharepoint – A full featured document management system that provides version control, document sharing and collaboration and the associated cloud storage. You can synchronise Sharepoint files and folders onto your laptop using OneDrive. Sharepoint is used to store and share company data among it’s own users but can be configured to allow people from outside of the organisation to access and make changes where required.