Heat olive oil in a large skillet. Add onion and garlic and sauté for 4-5 minutes, or until onion is tender. Add parsley and cook an additional 2-3 minutes then remove skillet from heat and set aside.
In a large mixing bowl, combine ground beef, egg, breadcrumbs, salt, pepper and allspice. Add onion mixture and mix to combine. Form into 24 equal sized meatballs (approx. 37 grams each).
Add beef broth into the same skillet and bring to a boil, then reduce heat to medium-low and place meatballs in the skillet. Cover and cook for 20 minutes, or until meatballs are cooked through.
Use a slotted spoon to remove meatballs from the skillet and set aside on a serving dish. Add softened cream cheese to the skillet and whisk into broth until smooth. Add meatballs back to the skillet and let simmer until sauce has thickened.