A dispensing system (100) includes a pour cap (102) which may be connected with the neck of a container (900). The cap base includes a main deck (108), a dispensing spout (110) and a venting tube (112). A flow regulator is mounted on the underside of the main deck such that the flow regulator restricts flow through the opening of the dispensing spout. In some embodiments, the flow regulator is a hinged spring-loaded baffle plate (116). In some embodiments, the flow regulator is a gravity ball valve (316). A visual timing device (200) may be advantageously located on the pour cap (102) so that the timing device is easily visible to a user during operation or use of the dispensing system. The constant flow rate provided by the flow regulator allows the timing device to more precisely measure each pour regardless of how much fluid is in the bottle.