Advantages

1. Low capital cost - no need to spend huge amount of money for hardware and software.
2. Reliability - cloud computing guarantees 24/7/365 and 99.99% availability of servers.
3. Low software cost - minimize licensing new softwares.
4. Low maintenance cost - maintenance can be done easily and effectively.
5. Low energy consuption - no need to spend energy to maintain your own server room.
6. Automatic Software updates.
7. Unlimited Storage Capacity on-demand.
8. Can access from anywhere anytime.
9. Can work collaboratively - you can work with other employees of the company much collaboratively using cloud based file-sharing apps.
10. Back-up and recovery - low proberbility of data loss since cloud computing provides cloud based backup and recovery solutions.

Disadvantages

1. Downtime - this is the most terrible disadvantage of cloud. If you lost internet connection, you'll lose access to your cloud system. Even if the cloud providers may have issues from their side, it will cause an outage of the service.
2. Security and Privacey - as you are going to store all of your confidencial data on a server samewhere else, there's a security and privacy issue. Cloud provider manage to provide very best security to your sensitive data, but hackers won't giveup.
3. Vendor-lock-in - Although cloud providers say they are flexible, you'll find it difficult to migrate your system from one vendor to another due to platform dependencies. Different cloud providers use different APIs and technologies in their cloud platforms which may not support another platform.
4. Limited control - customers only get limited control over their infrastructure because the infrastructure is completely owned and controled by the cloud providers. Customers can only manage applications, data and services not the back-end infrastructure including key administrative functions like firmware updates.