Thanks for the tip NJsugarmama. But pardon me for being ignorant but what is contact paper? And where can i buy it from.
If you're in the States, go to Target in the kitchen organization isle. It is traditionally used for lining the bottom of your kitchen/bathroom cabinets. It's pretty cheap and less hassle than using fondant.
Re: covering a cake board w/ contact paper- you can also use clear contact paper over any decorative wrapping paper. just cut your wrapping paper circle to size, glue to board w/ glue stick, and lay clear contact paper on top to laminate it. Then trim and add ribbon to border