Prepare carrots and parsnips by peeling and chopping into 3-4 cm chunks. Finely chop your onion and quarter your mushrooms. Set aside in 3 bowls.
Combine beef and soy sauce in a ziplock bag and marinade for 15 minutes while cooking the bacon.
In a large dutch oven over medium high heat cook bacon until brown and crisp. Transfer bacon to a paper towel to drain. Keep pot simmering on low.
Add flour, 1/2 teaspoon salt and 1/4 teaspoon pepper to the bag of beef and shake to coat.
Turn heat up to medium. Using tongs remove meat and shake off any excess flour. Add beef to dutch oven and fry until brown on all sides. Lightly oil your pot with canola oil if it becomes too dry. Cook in 2 batches and set aside on a plate.
While browning the meat chop or crumble the bacon into small pieces.
Once meat is removed in the same pot add onions and garlic and cook 3 minutes. Add mushrooms and continue cooking until moisture has evaporated and mushrooms are slightly browned.
Add parsnips and carrots in the same pot and sauté another 3 minutes.
Add tomato paste and cook stirring until vegetables are coated.
Add red wine scraping the bottom of the pan to loosen any brown bits.
Add beef broth, bay leaves, thyme, meat and reserved bacon.
Continue to cook on the stove at a simmer for up to 4 hours, adjust the lid (off or part way on) on your pot turning heat up as needed. Alternatively put in the slow cooker for 8 hours. My favourite is in the instapot (slow cook) or pressure cook then sauté with lid off to reduce the liquid.
Before serving remove bay leaves and add any additional salt and pepper to taste. Sprinkle with fresh parsley. Serve with mashed potatoes, a green vegetable and/or salad.