Place the cream cheese in a large mixing bowl and beat with an electric mixer until creamy and smooth. Add the butter and vanilla and beat again until smooth and creamy.
Add the powdered sugar, just a half cup or so at a time, beating until thoroughly combined. Drizzle in the cream, while beating constantly, until the frosting reaches the desired consistency.
Notes
Milk can be substituted for the heavy cream to achieve a thinner or more pourable consistency, as desired.