Preheat oven to 350ºF. Line a 9x13 cake pan or baking dish with foil or parchment paper. If useing foil spray with cooking spray (preferable with flour in it!)
In the bowl of a stand mixer, or a large bowl if using a hand mixer, beat together the butter and cream cheese until smooth. Add in the sugar, and mix well, scraping down the sides of the bowl, as necessary.
Add the egg and vanilla and mix.
Add the flour, baking powder, and baking soda and mix on low speed until a soft dough forms.
Spread the dough evenly into your prepared pan (use your hands, the bottom of a glass, etc. if necessary to make it easier!) Bake for 20 minutes. Remove from oven and cool completely, before frosting.