In geophysical applications, the interest in leastsquares migration (LSM) as an imaging algorithm is increasing due to the demand for more accurate solutions and the development of high-performance computing. The computational engine of LSM in this work is the numerical solution of the 3D Helmholtz equation in the frequency domain. The Helmholtz solver is Bi-CGSTAB preconditioned with the shifted Laplace matrix-dependent multigrid method. In this paper, an efficient LSM algorithm is presented using several enhancements. First of all, a frequency decimation approach is introduced that makes use of redundant information present in the data. It leads to a speedup of LSM, whereas the impact on accuracy is kept minimal. Secondly, a new matrix storage format Very Compressed Row Storage (VCRS) is presented. It not only reduces the size of the stored matrix by a certain factor but also increases the efficiency of the matrix-vector computations. The effects of lossless and lossy compression with a proper choice of the compression parameters are positive. Thirdly, we accelerate the LSM engine by graphics cards (GPUs). A GPU is used as an accelerator, where the data is partially transferred to a GPU to execute a set of operations or as a replacement, where the complete data is stored in the GPU memory. We demonstrate that using the GPU as a replacement leads to Summarizing the effects of each improvement, the resulting speedup can be at least an order of magnitude compared to the original LSM method.