Creating Black Velvet Cake is straightforward if you follow these simple steps:

1. Preheat the Oven: Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
2. Mix Dry Ingredients: In a large bowl, sift together the flour, granulated sugar, cocoa powder, baking powder, baking soda, and salt.
3. Combine Wet Ingredients: In another bowl, whisk together the buttermilk, vegetable oil, eggs, and vanilla extract until smooth.
4. Combine Mixtures: Gradually add the wet ingredients to the dry ingredients, stirring until the batter is well combined and no lumps remain.
5. Divide Batter: Pour the batter evenly into the prepared cake pans.
6. Bake: Place in the preheated oven and bake for 30-35 minutes or until a toothpick inserted in the center comes out clean.
7. Cool: Remove from the oven and allow the cakes to cool in their pans for 15 minutes. Then, gently transfer them to wire racks to cool completely.
8. Prepare Frosting: In a mixing bowl, beat together the cream cheese and softened butter until smooth. Gradually add the powdered sugar, mixing until the frosting is fluffy.
9. Assemble the Cake: Once the cakes are completely cool, place one layer on a serving platter. Spread a generous amount of frosting on top, then add the second layer.
10. Frost the Cake: Use the remaining frosting to cover the top and sides of the cake. Dust with cocoa powder for an elegant finish.

These steps will guide you in creating this incredible cake effortlessly.