This next paper-related step is all about presentation; how to make your own foil-wrapped cake circles (yet another thing you can buy ready-made at any cake decorating store). I'd be inclined to spring for a store-bought shiny foil cake circle for a big event, but just for cake with friends it seems a bit much. Get a roll of cake foil (it's paper on one side, foil on the other, and safe to use with food), pen, scissors, tape, and a cardboard cake circle larger than your cake.
You can find cake circles anywhere that sells cake decorating supplies; I think I've even seen them at Wal-Mart. I'd advise against using any old cardboard you might have lying around because 1) who knows what all it's come into contact with, and 2) it might not be strong enough; cake circles are really sturdy. Start by tracing the circle on the foil, and then adding a 2" margin around it; the margin doesn't have to be perfect (I always freehand this).
Cut the circle out, then cut a fringe of pieces about 1" wide from the outer edge of the circle to the inner circle you traced. Put the cake circle in the middle and start taping the fringe to it (I like to tape the pieces at "12, 3, 6 and 9" so the circle stays well-centered.
When you tape all the pieces down it will look like this:
Flip it over and here's the final result:
The beauty of cake circles is you can leave them behind, if you're taking a cake to a party; no more worrying about losing yet another one of your dinner plates, your mother's cake stand, etc. Next time you visit a store that specializes in cake decorating, take a moment to check out all the varieties of foil that are available; you might be overwhelmed!