Microsoft has announced it will stop distributing its Office Accounting as of Nov. 16 but will continue to offer product support for the software for five years.

“We have determined that existing free templates within Office used with Excel [were] a better option for small businesses, and the Microsoft Dynamics ERP products were appropriate for mid-range organizations,” Microsoft stated in a FAQ on the company’s Web site regarding the discontinuation.

All Microsoft Office Accounting products in North America and the U.K. are affected, including Office Accounting Express, Office Accounting Professional and Professional Plus and Small Business Accounting.

Users will still be able to bill customers using PayPal, and credit card processing services and the ability to order compatible checks and forms will still be available. Although eBay and credit profile information from Equifax will not be available after Dec. 15, 2009. Those who purchased Office Accounting can receive a refund within 30 days of the purchase.

“We continually evaluate our business strategies to make sure we’re working to meet the needs of customers, partners and shareholders,” the FAQ stated.

The company plans to continue supporting the product for five years after the last release date for the software. Microsoft has also stopped updating its Microsoft Money personal finance software. The discontinuation of the products is expected to benefit competitors such as Intuit with its QuickBooks and Quicken lines of products, and Sage with its Peachtree line of small business accounting products.