In a large, heavy pot or dutch oven with a splash of olive oil, heat until the oil is shimmery.
Add stew meat in batches to just cover the bottom of the pot, stirring occasionally, to brown beef. When beef is browned on all sides, remove and set aside.
Add onions to pan, stirring to coat in oil and beef drippings.
Cook on medium, stirring occasionally, until onions are lightly softened.
Add in peppers and parsnips, mix, and continue to brown until all vegetables are softened and lightly browned, about 5 minutes.
Stir browned beef back in, with garlic, diced tomatoes, tomato sauce, herbs, seasonings, stock, and bay leaves.
Bring to a boil, then reduce to low.
Let cook at least 1 hour (preferably 2 hours), stirring occasionally to prevent burning.
If your stew broth reduces too much, add more water.
Soup can be finished in a slow cooker from this point.
When parsnips are soft and beef is tender, your stew is ready. Serve with baked potatoes, crust bread, or a salad.