In a stand mixer fitted with a paddle attachment beat the cream cheese until soft. Start the mixer on low and gradually increase. Once smooth and creamy scrape the cream cheese out of the bowl and set aside.
Cream the butter starting with the mixer and low and gradually increase the speed. The butter will become light in color and smooth.
With the mixer on low, add the sugar 1 cup at a time letting it fully incorporate before adding the next cup. Once complete scape the sides and bottom of the bowl. Add the vanilla and heavy cream and beat at low until incorporated. Slowly increase the speed to high and whip for 5 minutes, stopping the mixer to scape the bowl if needed.
Scape the side and bottom of the bowl and then add the whipped cream cheese. Beat at low for 30 seconds and then increase to medium and beat for another 30 seconds.
Use right away or store in an air tight container in the refrigerator for up to a week.