Grouping customers together

My business has a need to tie Customers / Partners together.  We have several accounts created for a given customer; say for example, ACME COMPANY, which has several different accounts setup in AR. For example ACME CANADA, ACME NORTH AMERICA, ACME COLD TRANSFER KOREA, ETC... How do we tie these together to put all of the accounts under a group called ACME CORPORATION.  In the setups for a customer, there is a tab for party relationships on the customer form.  Is this the right place and purpose for this?  What else does it effect within the system?  Is there some