you can check this link and proceed accordingly http://docs.aws.amazon.com/awsaccountbilling/latest/about/consolidatedbilling.html
You can create multiple AWS accounts, and link them. You will have to do this with the master account root credentials, not an IAM account. AWS has introduced Organizations, which lets you create a new account linked to your payer account. Organizations is also supported by the AWS CLI, so you can create new accounts programmatically, without needing the root credentials.