A precision dispensing system and method of use is disclosed. The system includes a hand-holdable dispensing gun and a flexible pouch for dispensing metered amounts of a flowable material. The pouch is formed of a pair of panels of a flexible sheet material that are sealed together to form a pair of nozzles in communication with the flowable material in the pouch. The panels are cut along lines to form finger grip portions enabling one to tear open the nozzles, while leaving the portion of the pouch that is torn still attached to the pouch. The dispensing gun includes a pair of hinged sections defining an interior chamber. A piston is located at one end of the chamber and an end wall is located at the other end thereof. The end wall has passageway in it and is formed by the hinged sections when they are closed. The pouch is arranged to be disposed within the chamber with its nozzles extending out of the passageway.