Management and Accounting are two limbs of business. A business cannot be run success fully without the co-relation of accounting & management, Because Accountants cannot be take any observation without the help of manager and other side manager cannot take any decision without the help of accountant, therefore they are interdependent on each other. They have been closely associated for a long time. In past accounting have been to record, analyze, and report the results of business operations in various units of measurement such as rupees, units of production, standard hours and kilowatts etc. But presently the account also include value added services like as  Budgeting, Planning, Forecasting, MIS, Reporting etc which are not possible without the help of Management . Now the management wants more information’s through Accounting Department so that it is necessary co- relation between Management & Accounting. Or we can say in others words “Accounting & Management are helpful for each other.” The present paper tries to study of necessity of both Department like management & accounting each other. How management is helpful for Accounting in Analyze, Reconcile, prepare budget, MIS, calculate costing of product etc. field. This paper will specially highlight the Co-relationship between management & accounting department and make decision for future planning for business to use mass knowledge of higher management with Accounting Data.

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Keywords: Management, Accounting, Analysis, Planning, Forecasting, Costing, Reconciliation.