I have done a number of stacked cakes and always they need a border. Sometimes, though, the border just isn't neccessary and takes away from the look of the cake.
But I find I have to use a border cause my cake board shows! My question is do I cut the cake board to exactly the undecorated cake size? If I do then I have icing coming out past the board when it is decorated and it is difficult for me to handle. Do I cut the board cake size plus 1 extra inch for icing?
Also when I cut the boards with scissors they are left with jagged edges. What do I cut it with?
Someone please enlighten me 
Maybe you could use a thin same colored ribbon around the bottom of the cake. This covers the edges but doesn't take away anything. As for the board, I know others will have a better answer but I take mine to the cake decorating supply shop and they cut them for me with a paper cutter.
I'm not sure if you are doing fondant covered or just buttercream, but you might want to look at this thread:http://forum.cakecentral.com/many-questions-about-my-practice-ftopicp-2324461.html#2324461
Also I imagine you could caulk with buttercream. All my cakes are covered in fondant so I wouldn't know. I also usually do beads or ribbon at the edge.
I cut my boards with a box cutter. I usually have to cut the backside after cutting through the top side. Of course, you would have to place something on your counter or surface so that you don't scratch it up. But that usually works for me. With my stacked cakes, I do usually use a border, beads or fondant ribbon-like border. But I've also just used icing and covered that bothersome cardboard edge. That's just me though, I'm sure someone with more experience than I, could suggest better.
i would cut the board the same size as the stacked cake anyway.. it seems like u woudl still need someting to "hide" seam bet. the cakes
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