There are a few formulas which have been prevalent and fashionable over time for selecting an appropriate amount of rearward setback for cleats, relative to a point on the athlete’s foot, most commonly the head of the first metatarsal.
Finding an appropriate setback depends on a few factors and limitations, predominantly pedalling style and target discipline.
It is also important to remember that cleat drillings vary hugely between shoes, therefore using the bolt holes as a reference for position is not an accurate way to replicate cleat position between different shoes.
Fortunately, many modern shoes now offer more considered rearward drillings and sometimes sliding tracks for better range of adjustment.
AC Performance Bike Fit 