I prefer my dwarven women to have beards, and in-setting, have gone with the concept that old-fashioned traditional dwarves still grown their beards out, younger dwarves, especially those who spend significant amounts of time among human cultures tend to go with shorter beards or entirely clean shaven. This applies to males and females.
I like dwarves and elves being mirrors of each other. Elves are androgenously 'feminine' (graceful, thin, pretty), while dwarves are androgenously 'masculine' (steady, stocky, rugged). Humans find it difficult to tell males and females apart in either species, and there's a not-small percentage of the human population that's pretty sure dwarves and elves are the males and females of the same species.