Create Parent Account within Child Account Form

Hello all,

I'm looking for a way to create the parent account for a child account within the account form. For example, I'd like to create the account "Company A - City, State" and "Company A - Parent" in the same form. Is this possible? Is there a better way of handling the parent/child relationship? I'm trying to save my users the extra step of opening another account form when wanting to assign a non-existent parent account to the child account. The only field required for the parent account is the account name. 

Thanks ahead of time for your help!