Provided that no other package defines \bold and \italics and the like, you can include
\let\bold\bfseries
\let\italics\itshape
in your preamble. This would equate the definition of \bfseries with \bold (and others) at the time of call, allowing you to use them as you wish:

\documentclass{article}
\let\bold\bfseries
\let\italics\itshape
\setlength{\parindent}{0pt}% Just for this example
\begin{document}
{\bfseries\itshape Here is some text.} \par
Here is some text. \par
{\bold\italics Here is some text.}
\end{document}
Why have something like \bfseries and not \bold or plain old \bf? For me, Will Robertson's answer to Will two-letter font style commands (\bf , \it , …) ever be resurrected in LaTeX? makes the most sense and is based on the distinction between formatting decisions and content.
itshapein my document if I want to have an italic word - like for the name of the city or a scientific term.. What should I use? – Andriy Drozdyuk Mar 06 '12 at 22:33\bfseriesor\itshapevery often, it is actually better to define a new command that describes why you're changing the font. E.g.,\let\keywordstyle\bfseriesor\newcommand{\mykeyword}[1]{\textbf{#1}}(see egreg's answer to Consistent typography). That way you can modify\keywordstyleor\mykeywordand it will roll out to the remainder of your document without individually modifying the respective\bfseriesor\textbfusages. It promotes consistency. – Werner Mar 06 '12 at 22:48