The rulings on this issue seem to be in flux. It is up to you to keep track of the latest BATFE rulings and make your own decision as to the suitability of this software for your purposes.
At one time BATF required that a variance be approved on an individual basis for the use of a computer for maintaining A&D records. Recently, BATFE listed requirements for a computerized records system which eliminated the need for the granting of individual variances. That guidance used to be found here but seems to be missing now. The only guidance I can find now is pointing back to the old method of granting variances on an individual basis.
Therefore, the answer now is unclear. However, given the BATFE definition for a "Bound Book"(found here) you can print a C&R report from NM Collector Software and assemble the pages to make up your bound book.
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