Have you ever found yourself wondering what "lol" means? It might seem like a recent trend on social media, but to some, it's just another day of abbreviation.
There are many abbreviations for common words or phrases that help shorten communication and make meetings run more smoothly in business. Two such words which are used interchangeably are COB and EOD.
In this article, let’s look at the difference between COB and EOD and how to use them in the business world. Use them sparingly, though, because most employers want employees who spell correctly!
What Is COB?
COB stands for “close of business.” COB is any time after the end of a company's trading day, commonly applied to securities traded on an exchange.
When using COB as a placeholder in your orders, you are making a limit order with the stipulation "executed at whatever price or better exists at closing time."
It is also used interchangeably with EOB - end of business and end of day (EOD)
What Does EOD Mean?
Excluding weekends and holidays, EOD is typically an accounting term meaning “end of day.”
This term most commonly signifies the date of a company's closing statement where all transactions for that day have been recorded.
In this instance, the word "day" does not imply the 24 hours from 00:00 to 23:59 because different countries may report their results using different time zones.
Other acronyms which are used interchangeably with EOD are end of business (EOB), close of play (COP), or close of business (COB).
When Should You Use COB?
Abbreviations can be confusing and sometimes might be very unclear. COD is a great one to use if you work in a corporation where you connect with people worldwide.
However, it isn't easy to include the exact date and time as the clients are in different time zones. The usage also depends on your company, employees, and the clients in question.
I wanted to say that you did an impressive job at our last client meeting.Thank you for your time and efforts to make it happen.
Also, the second quarter is coming up. So please send me the quarterly sales report by the end of next week Friday COB.
Looking forward to hearing from you!
In the above email, you could have used the exact time, like Friday 17:00 EST. It wouldn't be a problem.
When To Use EOD?
You can use EOD like COB but in different situations. For example, “End of the Day” may have many meanings but is usually used to give an order for employers and employees.
I hope you're doing well! I just wanted to say that I am very impressed with your work on the last project.
The client sounded really satisfied when we spoke, so keep up the great work and don't let anyone tell you otherwise!
I know how busy it is now, but please send me the quarterly sales report by EOD to help make sure my boss can take a look before our meeting on Monday morning.
Looking forward to hearing from you
When it comes to the importance of a meeting or delivery, being specific is key. Utilizing ambiguous terms such as COB and EOD can confuse both parties involved - making an important event more difficult than needed.
For example, you can see “This needs to be completed by 7 PM tonight” instead of depending on COB or EOD terms.
Clear and effective written communication can create a more pleasant environment in any company, but it is especially important today with technological advancements.
This is because so many people are working remotely now, meaning that they cannot always speak to someone face-to-face for help or clarification on something. Even though these terms are good to use if you want to avoid confusion, make sure to choose the right way.