You can now delete both companies and contacts from your account both individually & in bulk! So if you make a mistake who cares, just delete it.
If you want to delete a Person, click "People" in the main menu.
If you want to delete a Company, click "Companies" in the main menu.
Click the record(s) you would like to delete
The delete button will then appear at the top of the list, click it and confirm you want to delete the record.