In a large pot or Dutch oven, heat the olive oil over medium heat. Once it's warm, toss in the diced yellow onion, bell pepper, and minced garlic. Cook for 5-6 minutes, stirring occasionally until the onions become translucent and fragrant. This step builds a solid flavor base for your soup.

Once the vegetables have softened, add in your cooked beef along with the soy sauce, Worcestershire sauce, smoked paprika, and dried thyme. Stir well to combine all the ingredients, allowing the beef to warm through and soak up the flavors—this takes about 3 minutes.

Pour in the low-sodium beef broth along with the can of diced tomatoes, making sure to include the juices. Then, add the bay leaf and the sliced carrots and celery. Bring the mixture to a gentle boil, then reduce the heat to low. Allow the soup to simmer for about 30 minutes, letting all the flavors meld together beautifully.

After 30 minutes, stir in the uncooked pearl barley. This nutty grain will absorb the flavorful broth as it cooks, thickening the soup. Cover the pot and allow the soup to simmer for an additional 30-40 minutes, or until the barley is tender. Stir occasionally to prevent sticking.

Once the barley is cooked through, taste the soup for seasoning. Add salt and black pepper as needed, and remove the bay leaf. If you're feeling fancy, stir in the minced fresh parsley just before serving for a fresh flavor boost.