Displaying the same field and data in Accounts and Contacts.

Displaying the same field and data in Accounts and Contacts.

I already have a drop down list in Accounts called "Account Type" with selections like Customer, Distributor etc. In Contacts I want to display the same "Account Type" information without having to double enter the information. I have looked at the automation work flows and there dosnt appear away to do it. Do I have to use scripting or similar, and if so how do I do this please.