Season beef with Italian seasoning and a few pinches of salt and pepper. Heat oil in a 6-quart saucepot over medium-high heat. Add cubed beef and brown on each side, about 6 minutes. Remove beef.
Add onions and garlic into saucepot and cook for 1-2 minutes. Sprinkle in flour and stir for 1 minute. Stir in tomato paste and cook for another minute.
Add in broth and bay leaf and heat to a boil. Return beef to the saucepot and reduce to low heat. Cover and cook for 90 minutes.
Add carrots and potatoes to saucepot and cook, covered, for 25 minutes or until vegetables are tender. Remove and discard bay leaf.