In a large saucepan or soup kettle, combine potatoes, asparagus, onion, celery, bouillonĀ granules and water. Bring to a boil. Reduce heat; cover and simmer for 15 minutes or until vegetables are tender. Stir in butter.
In a bowl, combine flour, cream, milk, salt and pepper until smooth; add to the vegetable mixture. Bring to a boil; cook and stir for 2 minutes or until thickened. Garnish with bacon and cheese.