Using a hand held mixer beat the cream cheese, vanilla, and butter in a bowl until well blended.
Add the powdered sugar gradually, beating until well blended after each addition.
Chill until it becomes easy to work with for frosting your cake.
Notes
I use a handheld mixer for this recipe, it makes it really quick to put together. I normally sift the powdered sugar twice before using it to be sure that all the lumps are removed. If you are using a handheld mixer that shouldn't be too much of a problem.You can of course color the frosting with the addition of a drop of vegetable food coloring.Another suggestion is to add at the end 110 grams of flaked coconut and then finish off with a light dusting of a little more coconut.You can also go to Kraft Foods (www.kraftfoods.com), they have lots of variations on this recipe.