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Heat the oven to 350° F and prepare a 9x13" pan by spraying with cooking spray.
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In the bowl of an electric mixer, cream together the butter and sugar until it's light and fluffy, for about 2-3 minutes. Add the eggs, one at a time, mixing after each egg. Then add the vanilla and mix to combine. In a separate bowl, combine the dry ingredients. Slowly add the dry ingredients to the sugar/butter mixture, mixing until just combined. Then, fold in the sprinkles.
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Spread the cookie batter into the pan, patting it down so it's evenly spread. Bake for 15-18 minutes, until the edges are lightly golden. The bars will look pale and puffy and undercooked, but be sure to not over-bake them. Let them cool completely before frosting.
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To make the frosting, beat the butter for about 2-3 minutes, until light and fluffy. Slowly add in the powdered sugar, heavy cream/milk, vanilla extract, and salt. Add more heavy cream/milk or more powdered sugar until it reaches the desired consistency. Add desired food dye colors (1-2 drops should do it) and mix until the color is evenly spread throughout. Spread on the cooled bars and top with sprinkles. Enjoy!