• Heat the butter and olive oil in a large Dutch oven or soup pot over medium-high heat.
• Add the shaved beef and cook for 3 to 5 minutes until browned. Transfer the beef to a plate and set aside.
Stir it often so it browns all over.
• Add the onion and cook for 7 to 9 minutes, stirring occasionally, until the onions are tender and lightly browned. Then, add the bell pepper, and mushrooms to the same pot and cook for another 2 minutes.
• Add the garlic and cook for about 30 seconds, just until fragrant.
• Sprinkle the flour over the vegetables and stir continuously for about 1 minute.
• Gradually pour in the beef broth while whisking to prevent lumps.
• Stir in the Worcestershire sauce, Italian seasoning, smoked paprika, black pepper, and salt. Return the cooked beef to the pot.
• Bring the soup to a gentle simmer and cook for about 20 minutes, stirring occasionally.
• Reduce the heat to low and stir in the heavy cream and softened cream cheese.
• Continue stirring until the cream cheese has completely melted and the soup is creamy and smooth.
• Stir in the shredded provolone and mozzarella until melted.
• Taste and adjust the seasoning as needed.
Don't skip the taste test. You might find the soup doesn't need extra salt.

Make the Toasted Bread

• Heat the oven to 400°F. Arrange slices of French bread on a baking sheet and toast for 5 to 7 minutes.
• Top each slice with provolone cheese and return to the oven until the cheese is melted and bubbly.
• Ladle the soup into bowls and serve with the cheesy toasted bread either on top or on the side.

Slow Cooker Directions

• Brown the shaved beef in a large skillet with the butter and olive oil. Transfer the beef to the slow cooker.
Browning the beef first gives the soup a lot more flavor. It also prevents the meat from having a boiled texture.
• Using the same skillet, sauté the onion, bell pepper, and mushrooms for about 5 to 7 minutes. Add the garlic and cook for another 30 seconds.
• Transfer the vegetables to the slow cooker. Sprinkle the flour over the beef and vegetables and stir well.
• Pour in the beef broth and add the Worcestershire sauce, Italian seasoning, smoked paprika, black pepper, and salt.
• Cover and cook on LOW for 4 to 6 hours or until the vegetables are tender and the flavors have developed.
• About 20 to 30 minutes before serving, stir in the heavy cream and softened cream cheese. Cover and continue cooking until the cream cheese melts completely.
• Stir in the provolone and mozzarella during the final 10 minutes, stirring until the cheeses are melted and incorporated.
• Keep the slow cooker on LOW or WARM for serving.
• Prepare the cheesy toasted bread separately just before serving.
For the best slow cooker texture, don't add the cream, cream cheese, or shredded cheese at the beginning of cooking. Adding them toward the end helps prevent the dairy from separating or becoming grainy.