Pat beef cubes dry with paper towels and toss with flour, salt, and pepper until evenly coated.
Heat olive oil in a large Dutch oven over medium-high heat and brown beef in batches, about 3-4 minutes per side, then transfer to a plate.
In the same pot, sauté onion until softened, about 5 minutes, then add garlic and tomato paste and cook for 1 minute.
Pour in beef broth, scraping up any browned bits from the bottom of the pot, then return beef to the pot along with bay leaves and thyme.
Bring to a boil, then reduce heat to low, cover, and simmer for 1 hour.
Add potatoes and carrots, cover, and continue simmering for 45-60 minutes until beef and vegetables are tender.
Remove bay leaves, adjust seasoning with additional salt and pepper if needed, and garnish with fresh parsley before serving.