That's a great idea! We've already built an integration with QuickBooks Online. And, we're working on integrations with Xero and ZenPayroll. We can add Wave to the list.
When I use Toggl's API, I use it for creating time entries and getting project info. If your app is RESTful, then you wouldn't need to do anything further.
cheez, we have a RESTful API that drives our site and mobile apps. But data security is a top priority for us and we have not yet built the authorization systems to open up access beyond our own clients.
That said, an API is high on our list and we want to make it as easy as possible for our users to enter time in whatever ways make sense for their workflows.