Season beef cubes with salt, pepper, and paprika. Melt butter in a large Dutch oven over medium-high heat and brown beef on all sides, about 8 minutes. Remove and set aside.
Add diced onion to the pot and cook until softened, about 5 minutes, then add garlic and cook for 1 minute more.
Sprinkle flour over the onions and stir to coat, cooking for 2 minutes, then gradually whisk in beef broth.
Add browned beef and diced potatoes to the pot, bring to a boil, then reduce heat to low, cover, and simmer for 90 minutes until beef and potatoes are tender.
Stir in heavy cream and dried parsley, then add shredded cheddar cheese a handful at a time, stirring until melted and smooth.
Adjust seasoning with salt and pepper, then serve in bowls topped with crumbled bacon.