Cook the chopped bacon in a skillet over medium heat until crisp. Remove the bacon and set it aside, leaving the drippings in the pan.
Add the beef stew meat to the same skillet and brown it on all sides. Transfer the meat to the slow cooker.
Place the diced onion and minced garlic in the skillet and cook for 3 minutes until softened. Stir in the flour and cook for 1 minute more.
Pour the beef broth into the skillet and stir to scrape up any bits from the bottom. Transfer this mixture to the slow cooker.
Add the carrots, parsnips, potatoes, smoked paprika, thyme, bay leaves, salt, and pepper to the slow cooker. Stir everything together.
Cover and cook on low for 8 hours. Stir in the cooked bacon during the last 30 minutes of cooking.