The Account Name Replaces the Company Name Field for any Contact Associated with an Account

Company Name Contact Field

The 'Company Name' field is a contact field that will only appear for a contact that is NOT associated with any Account in your app.

This company name is what will be inserted when using the {{company}} snippet in templates and emails for any Contact NOT associated with an Account.

Account Name Field

Once a contact is associated with an account, the company name field will be eliminated and replaced with the Account Name.

If you need to change the account name and/or the domain that is used for association/enrichment for a contact that is associated with an account, you can/must do so from the account profile page. The advantage of this is that the change will automatically apply to every Contact you have associated with the account (whereas the "company name" field for a Contact with no Account is always specific to just that one Contact). 

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This account name is what will be inserted when using the {{company}} snippet in templates and emails.