Season beef with salt, pepper, and paprika. Melt butter in a large Dutch oven over medium-high; brown beef all over about 8 minutes. Remove; set aside.
Cook onion in pot about 5 minutes until softened; add garlic and cook 1 minute more.
Sprinkle onions with flour; stir to coat and cook 2 minutes. Gradually whisk in broth.
Add beef and potatoes; boil, reduce heat to low, cover, and simmer 90 minutes until both are tender.
Stir in cream and parsley; add cheddar by handfuls, stirring until melted and smooth.
Adjust salt and pepper; serve in bowls topped with bacon.