Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a medium bowl, whisk together the flour, baking powder, and salt. Set aside.
In a large mixing bowl, cream the softened butter and granulated sugar together until light and fluffy, about 3-4 minutes.
Add the eggs one at a time, mixing well after each addition. Then, mix in the almond and vanilla extracts.
Gradually add the dry ingredients to the wet mixture, alternating with the milk. Start and end with the flour mixture. Mix until just combined.
Divide the batter evenly between the prepared cake pans. Bake for 25-30 minutes, or until a toothpick inserted in the center comes out clean.
Allow the cakes to cool in the pans for 10 minutes before transferring them to wire racks to cool completely.
For the frosting, beat the softened butter until creamy. Gradually add the powdered sugar, mixing on low speed until combined. Add the almond extract and enough heavy cream to achieve your desired consistency.
Once the cakes are completely cool, frost the top of one layer, place the second layer on top, and frost the top and sides of the cake.
Serve immediately or refrigerate until ready to serve.