Automatically Create Accounts and Contacts when a new Lead is added

Automatically Create Accounts and Contacts when a new Lead is added


I see Leads, Accounts and Contacts as being a lot of redundant data. In fact I would probably only use either just Leads and Accounts or just Contacts and Accounts if not for the fact that several other features I want to use are dependent on all three.

What I would really like is to have an Account automatically created when a new Lead is entered. Even better have a new Account and a new Contact created when a new Lead is entered. This way I can convert my Lead to a Potential and generate a Sales Quote without having to convert the Lead to an Account. This manually step seems redundant for my process and would like to just automatically have an Account created whenever a new Lead is entered.

Is it possible to do with Workflow or something else?