In a large bowl or stand mixer, cream softened butter and granulated sugar about 3 minutes. Scrape the sides, as needed.
In a small bowl, mix together cocoa powder, vanilla extract, and red food coloring, until smooth. Add to the cake batter and mix until completely combined.
Pour batter into the prepared baking dish. Bake 25-30 minutes or until a toothpick in the center tests clean.
In large bowl or stand bowl, combine softened butter and softened cream cheese until smooth.