Combine 2 tablespoons of flour, black pepper, garlic powder, onion powder, paprika, and salt. Toss beef cubes in flour mixture to evenly coat each piece of beef.
Heat a large dutch oven over medium high heat and cook bacon until crispy and fat has rendered. Using a slotted spoon, remove bacon from the pot and set aside. There should be a couple tablespoons worth of bacon fat left in the pot for browning the beef. If not, add a tablespoon of olive oil.
In batches as to not overcrowd the pot, brown the seasoned beef in the bacon fat, this should take 2-3 mins per batch. Transfer beef to a bowl to rest.
Add celery, carrots, and onions. Sauté for 3-4 minutes. Add mushrooms and sauté for another 3-4 minutes so that the mushrooms sweat. Add garlic and sauté 1 more minute.
Deglaze pot with the wine, stirring and scraping up any brown bits stuck on the bottom. Let the wine simmer for 3-4 minutes.
Transfer beef back to the pot (along with any juices that have settled in the bowl) and stir in the tomato paste to coat the beef and veggies.
Add the potatoes, beef broth, thyme sprigs, bay leaf, beef bouillon, and Worcestershire sauce and bring to a simmer. Cover the pot with a tight fitting lid and reduce heat to low. Simmer for one hour, stirring occasionally.
In a small bowl, mix the softened butter and remaining 2 tablespoons of flour until you have a smooth paste. If it is crumbly, add more butter until it is smooth like a paste.
Stir the butter paste into the stew until it melts into the sauce, stirring constantly until mixture returns to a simmer and stew is thickened. Add salt and pepper to taste.
Return bacon back to the pot and top with chopped parsley. Enjoy!
