Information Technology has been affecting nearly every facet of human endeavor including the domain of Business. The use of information technology in organizations is inevitable, be it any type of organization. At the same time, the cost of these resources is a constraint for a large number of organizations. The concept of cloud computing is changing the possibilities for computing by giving individuals and small and mid-sized businesses access to an array of powerful applications and services through the Internet that were once unavailable to all but the largest enterprises. The business benefits of cloud computing are extensive and significant. This paper discusses cloud computing and its increasing applications in the domain of business.