Transfer the batter to a cookie sheet tray lined with parchment paper and evenly spread it out using a rubber spatula. Bake the cake in the oven at 350° for 15 to 17 minutes.
While the cake is baking generously sift powdered sugar onto a large clean kitchen towel. When the cake is done baking invert it right onto the kitchen towel and then immediately roll it up.
Cool the cake completely on a cooling rack to room temperature. While the cake is cooling, add the cream cheese, butter, and vanilla extract to a stand mixer with the paddle attachment and whip.