​If you are planning on rate increases for the coming year, it should be executed as close to January 1st as possible. That way all your time entries for the new year will reflect the change. 
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LABOR RATES might be changing because of raises. 
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CHARGE RATES should increase if Labor Rates go up. 
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STANDARD BILLING RATES should increase if Labor Rates go up, but you might want to increase them in any event. 
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CUSTOM BILLING RATES, where you have implemented them, also might need to increase. Check Reference Guide No. BR-16.
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Here are two articles that explain how to determine rates. 

https://www.architekwiki.com/wiki/architects-financial-model

https://www.architekwiki.com/wiki/your-bof
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Feel free to email me with any questions by responding to this email. 

Have you built a Financial Model for your firm based on this process? 
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MyCorbu recalculates your Overhead and Billing Overhead Factors for you each month. 
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Check it out here. On the Admin page, under the Staff heading click the button for "Staff Details & Billing Overhead Factor Calculations”. As you scroll down the page you will find a table of past calculations that you have entered using the form. In the form at the bottom, simply transcribe the values determined for you or enter your own values, and then add the percentage profit you plan for.
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Month by month you will see how this key metric is trending.  "Lower is better.”
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As a user of MyCorbu you can get the app for 2/3 off. Look for the discount code. On your Admin page, under ’Staff’, click the “Staff Details and Billing Overhead Factor Calculations” button. Or use this link:
https://architekwiki.knack.com/mycorbu#admin/rates-and-comp-time/