Make sure that cream cheese is at room temperature. Combine the cream cheese, sugar and vanilla essence in a mixing bowl or in the bowl of stand mixer. Adjust sugar as per your taste.

Blend it with a hand or stand mixer on medium speed until smooth. If you want a colored frosting, add food color at this time.

While the mixture is running, slowly pour in heavy cream. Whip it for couple of minutes.  Scrape down from the sides of the bowl and continue whipping. Whip it until it can hold a stiff peak. Frosting can hold up without refrigeration.

It's ready to frost / decorate your cake :)