Beat cream cheese and butter until creamy. Add vanilla and sugars and mix well.
Stir in 3/4 cup mini chocolate chips and toffee bit (if using). Mix well.
Cover and place in the refrigerator for 30 minutes.
Remove mixture from refrigerator and roll into a ball. Mixture will be very sticky. Cover ball completely with pecans or mini chocolate chips. Place on serving dish. Wrap with plastic wrap and refrigerate for 1 hour. Serve with graham crackers.